Disney reports profit hit on higher costs, while parks business shines as CEO search narrows

Disney (DIS) reported results for its fiscal archetypal 4th connected Monday that bushed forecasts, boosted by a grounds 4th successful its parks business, portion profits fell from a twelvemonth agone amid higher costs crossed its concern units.

The results travel conscionable hours aft a Bloomberg study said Disney is adjacent to naming Josh D'Amaro, who leads its parks and experiences business, arsenic its adjacent CEO.

The institution reported adjusted net per stock of $1.63 for the quarter, topping forecasts for $1.56, with gross increasing 5% to $26 billion, up of expectations for $25.7 billion, according to Bloomberg forecasts. Total operating income for the institution tallied $4.6 cardinal successful the quarter, down from $5.1 cardinal a twelvemonth ago.

Disney's experiences portion — which includes its parks and cruise businesses — and posted grounds quarterly gross of $10 billion, with attendance astatine its parks successful the US up 1% and spending per lawsuit rising 4% during the quarter. The institution warned that planetary visitors to its US parks would apt beryllium a headwind successful the existent quarter.

Disney banal initially roseate astir 3% pursuing the results, but was disconnected 1.5% adjacent 8:15 a.m. ET.

The company's sports portion reported a 23% driblet successful operating income from a twelvemonth agone owed to higher costs for sports rights, including the NBA and assemblage sports, arsenic good arsenic a $110 cardinal deed from its carriage quality with YouTube TV. Revenue for its sports portion was up 1% from a twelvemonth agone to $4.91 billion.

Revenues successful its amusement unit, which includes its movie studio, roseate 7% to $11.6 billion, aft beardown container bureau performances from of "Zootopia 2" and "Avatar: Fire and Ash," but higher costs weighed connected profits for the unit, which fell 35% to $1.1 billion.

Disney besides reported gross for its streaming business, which is included successful its amusement unit, roseate 11% to $5.3 billion.

Brooke DiPalma is simply a newsman for Yahoo Finance. Follow her connected X astatine @BrookeDiPalma oregon email her astatine [email protected].

Click present for each of the latest retail banal quality and events to amended pass your investing strategy