Research and Markets: Walt Disney - Company Profile: 2013
by Business Wire
Research and Markets (http://www.researchandmarkets.com/research/w3v88h/walt_disney) has announced the addition of the "Walt Disney - Company Profile" company profile to their offering.
Strong 2012 Q4 results
Good results were driven by Cable & Resorts, offset slightly by weakness in Studios.
EPS* growth of 18% (excluding the one-off gain on UTV), was driven by modest revenue growth (of 6%), lower tax rates (down 4%) and share repurchases (of 6%).
The outlook has improved with continued margin expansion in Networks & Resorts and better film releases at Studios with the recent success of "The Avengers".
- Q2 revenue rose $0.6 bn (+6%), to $9.6 bn; driven by Cable & US Resorts.
- Networks revenue rose $0.4 bn (+9%), to $4.7 bn; Growth was primarily in Cable (+12%) while broadcasting was weak (+2%). Overall, affiliate fees & advertising were both up.
- Parks & Resorts revenue rose $0.3 bn (+10%), to $2.9 bn; mostly from higher attendance & spending at its US resorts.
- Studio revenue fell $0.2 bn (-12%), to $1.2 bn; with a lack of decent films released.
- Excluding the UTV gain, EBIT* rose $124 m (+8%), to $1.9 bn. Margins* rose 0.3%.
- Higher EBIT margins at Networks (up 1.6%) and Resorts (up 2.1%); were offset by a loss in Studios (in turn due to a write off for the disastrous "John Carter" film).
- Net Income* rose $110 m (12%), to $1.1 bn, helped by lower tax rates (down 4% to 32%).
- EPS* rose $0.09 (+18%), to $0.58; boosted by 6% of shares being repurchased.
- Note that reported EPS rose $0.14 (+29%), to $0.63; much more than the EPS*.
- FCF fell by $1.0 bn (-75%), to $0.3 bn; due to higher CAPEX in Resorts (Shanghai mostly).
* = excluding the one-off gains & restructuring charges on UTV (India).
Note: Comparisons (eg. growth rates) are stated on a year-on-year basis.
Significant recent events
- Disney's "Avengers" film shattered records in its US debut weekend, earning $200m.
- The expensive "John Carter" film flops, making it a big error.
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