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The Walt Disney Company (DIS)

  • Tue, Feb. 3, 4:24 PM
    • Disney (NYSE:DIS) posts a huge beat of $1.27 (up 27%) on a record $13.39B in revenues, higher even than the top range of expectations for its fiscal Q1.
    • Lots of strength in segment revenues: Media Networks up 11% to $5.86B; Parks and Resorts up 9% to $3.91B; Studio Entertainment down 2% to $1.86B; Consumer Products up 22% to $1.38B; Interactive down 5% to $384M.
    • While revenues were off in Studio Entertainment and Interactive, operating income rose in both, 33% and 36% respectively.
    • Free cash flow of $857M is up 55% from the prior year.
    • Shares up 3.2% after hours, following today's 2.4% gain in the regular session.
    • Press release
  • Tue, Feb. 3, 4:17 PM
    • Walt Disney  (NYSE:DIS): FQ1 EPS of $1.27 beats by $0.20.
    • Revenue of $13.39B (+8.8% Y/Y) beats by $520M.
    • Shares +1.88%.
    • Press Release
  • Mon, Jan. 26, 10:36 AM
    • Shares of Jakks Pacific (JAKK +0.4%) and LeapFrog (LF +0.4%) are higher despite the sharp guidance cut from toy maker Mattel.
    • Both companies are viewed by analysts as strong in channels where Mattel is weak.
    • The toy player which has wreaked the most havoc on Mattel (MAT -2%) is Disney (DIS -0.5%) with the Frozen doll phenomenon cutting deeply into Barbie sales over the last year and showing little signs of abating.
    • M&A talk could pick up in the sector with some entertainment giants eyeing the success Disney has had integrating franchise film characters into toys.
    • Talks on a DreamWorks Animation-Hasbro combination were active last fall.
    • Previously: Mattel -10.6% after CEO resigns and guidance lowered
    • Previously: Toy sales up 4% in 2014 (Jan. 20 2015)
  • Nov. 7, 2014, 1:20 PM
    • With Disney (DIS -2.7%) having gone into earnings right at an all-time high of $92.00, the media giant is seeing some profit-taking following a slight FQ4 EPS beat.
    • FY15 spending guidance is an area of concern for some analysts. CFO Jay Rasulo stated on the CC (transcript) Disney expects FY15 capex to be up $1.5B Y/Y ($1.1B on an adjusted basis) thanks to Shanghai Disney investments, and that cable programming costs are expected to rise by a low-teens percentage due to NFL and college football deals. Also, pension expenses and forex are expected to have a $225M impact on op. profit.
    • Sell-side reactions to the FQ4 numbers are generally positive. BofA/Merrill (Buy): "Accelerating Parks, improving cap. returns, an improving Studio outlook, solid Media Networks and better Interactive all offer neat-term upside, while Disney Shanghai and Marvel/Pixar/Lucas film releases and full [retransmission] offer a solid FY15E/16E." The firm's FY15 and FY16 EPS estimates have respectively been hiked by $0.11 and $0.19.
    • FQ4 results, details
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  • Nov. 6, 2014, 4:28 PM
    • Disney (NYSE:DIS) saw a strong quarter for its Studio Entertainment segment help drive it to a small FQ4 earnings beat.
    • Segment revenue growth: Media Networks +5% to $5.22B; Parks and Resorts +7% to $3.96B; Studio Entertainment +18% to $1.78B; Consumer Products +7% to $1.07B; Interactive -9% to $362M.
    • Cable Networks revenue was up 6% while broadcasting revenue rose 5%. Higher programming costs at ESPN contributed to a 1% dip in operating income within the segment.
    • Operating income +20% for Disney's theme parks business on higher guest spending.
    • The global success of Frozen helped profit increase in both the Consumer Products and Studio Entertainment segments.
    • Capex spending +18.4% Y/Y to $3.311B led by continued investment in Disney Shanghai.
    • DIS -1.0% AH
  • Nov. 4, 2014, 3:00 PM
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  • Oct. 16, 2014, 6:52 AM
    • Guggenheim DIS)+to+Neutral/9915254.html" target="_blank">lowers its rating on Disney (DIS) to Neutral from Buy.
    • The investment firm drops its price target on the House of Mouse to $87 from $96.
    • DIS -1.4% premarket.
  • Oct. 1, 2014, 9:55 AM
    • Theme park stocks slide lower than market averages after a single case of Ebola in Dallas creates a talking point.
    • Plenty of traders think the dip is providing a good entry point for names in the group off what they consider undue anxiety.
    • Decliners: Disney (NYSE:DIS) -1.1%, Cedar Fair (NYSE:FUN) -0.6%, Six Flags (NYSE:SIX) -0.8%, SeaWorld (NYSE:SEAS) -1.1%.
  • Aug. 6, 2014, 8:49 AM
    • Execs with Disney (NYSE:DIS) used the music from Frozen to set the stage for their comments on the company's FQ3 performance.
    • Theme park attendance growth has been in the single-digits, but guest spending has been boosted by the MyMagic+ program. CFO Jay Rasulo says the program has more revenue impact to come.
    • CEO Bob Iger seemed unconcerned about any revenue slowdown at ESPN. He noted advertisers are buying spots closer to the run dates and ESPN had an "extremely good" upfront.
    • The company says it's very bullish on the SEC Network. There is an expectation that 60M U.S. subscribers will watch the SEC programming beginning this month.
    • A question about Disney's relationship with Netflix (NASDAQ:NFLX) drew an enthusiastic response from Iger. No concrete numbers were thrown out, but it appears Disney will continue to benefit as Netflix grows globally. The Disney brands can be "well monetized" on the Netflix platform, notes Iger.
    • Earnings call transcript
    • DIS -0.5% premarket
    | 1 Comment
  • Aug. 5, 2014, 4:28 PM
    • Disney (NYSE:DIS) rode a 105% jump in profit for it Studio Entertainment segment to a FQ3 earnings beat.
    • Segment revenue growth: Media Networks +3% to $5.51B; Parks and Resorts +8% to $3,98B; Studio Entertainment +14% to $1,81B; Consumer Products +16% to $902B; Interactive +45% to $266M.
    • Cable Networks operating income was off 7% at ESPN due to higher programming and production costs.
    • The success of Frozen carried over into consumer product sales and is expected to still be a major factor in 2H.
    • Disney Interactive churned up a small profit of $29M as select games sold well and costs were tightened. The segment is benefiting from a narrower focus.
    • Capex spending came in at $2.248B, largely due to costs associated with the construction of Disney Shanghai.
    • DIS -0.1% AH
  • Aug. 5, 2014, 4:16 PM
    • Walt Disney  (NYSE:DIS): FQ3 EPS of $1.28 beats by $0.11.
    • Revenue of $12.46B (+7.6% Y/Y) beats by $290M.
    • Shares +1.4%.
    • Press Release
  • Aug. 4, 2014, 10:48 AM
    • Shares of Disney (DIS +1.3%) are higher than market averages after Marvel's Guardians of the Galaxy stuns at the box office in its three-day debut.
    • The $94M tally set a record for an August opening and bodes well for Marvel as it dipped into a lesser-known pot of superheros and scripted a lighter tone to the film.
    • The production budget on the film was $170M.
    • A sequel is planned for 2017.
  • Jul. 16, 2014, 8:13 AM
    • 21st Century Fox (NASDAQ:FOXA) will pay as much as $85 per share for Time Warner (NYSE:TWX), according to Bloomberg.
    • The frothy premium hasn't gone unnoticed in the broadcaster sector with CBS (NYSE:CBS) up 1.6% premarket and Viacom (VIA, VIAB) rising 1.8%. Murdoch's 21st Century Fox is 1.7% higher, while even media giants Disney (NYSE:DIS) and Comcast (NASDAQ:CMCSA) are catching a piece of the frenzy, up 0.7% and 0.9% premarket, respectively.
    • TWX is in dreamland, up +20.2% to $85.32.
    • It's setting up to be a banner day for the PowerShares Dynamic Media ETF (NYSEARCA:PBS).
    | 1 Comment
  • Jun. 25, 2014, 10:21 AM
    • Handing a major win to TV broadcasters, the Supreme Court has ruled 6-3 Aereo's streaming TV service violates the Copyright Act.
    • Aereo has maintained an unfavorable ruling would be a death knell for the company. Broadcasters, meanwhile, had threatened to stop providing their channels over the air, as they looked to protect the lucrative affiliate fees they receive from pay-TV providers.
    • Broadcaster shares have moved higher following the verdict: CBS +5.4%. DIS +1.4%. FOX +2%. FOXA +1.9%. CMCSA +0.9%. InterActiveCorp (IACI -1.6%), a major Aereo investor, is trading lower.
    • Prior Aereo coverage
  • May. 6, 2014, 4:31 PM
    • Disney (DIS) puts in another powerhouse quarter with double-digit revenue growth and a healthy beat on the bottom line.
    • Disney segment revenue: Parks and Resorts +8% to $3.30B; Studio Entertainment 35% to $1.80B; Media Networks +4% to $5.13B; Consumer Products +16% to $885M; Interactive +38% to $268M.
    • Frozen and Thor: The Dark World both excelled at the global box office and gave a lift to consumer products in the quarter.
    • ESPN advertising revenue was lower due to a decrease in ad units delivered, although ad rates were higher.
    • Higher construction costs at Shanghai Disney drove capex spending to $1.359B.
    • DIS +0.5% AH to $81.35.
  • May. 6, 2014, 4:17 PM
    • Walt Disney  (DIS): FQ2 EPS of $1.11 beats by $0.15.
    • Revenue of $11.64B (+10.3% Y/Y) beats by $440M.
    • Shares +2.1%.
    • Press Release
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Company Description
Walt Disney Co, together with its subsidiaries, is a diversified entertainment company with operations in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.