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Disney beats Street 1Q forecasts

BURBANK, Calif. – BURBANK, Calif. (AP) _ The Walt Disney Co. (DIS) on Tuesday reported fiscal first-quarter net income of $2.88 billion.

On a per-share basis, the Burbank, California-based company said it had net income of $1.73. Earnings, adjusted for non-recurring gains, were $1.63 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.

The entertainment company posted revenue of $15.24 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $14.93 billion.

Disney shares have decreased 12 per cent since the beginning of the year, while the Standard & Poor’s 500 index has dropped slightly more than 9 per cent. In the final minutes of trading on Tuesday, shares hit $92.32, a decline of 9 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DIS at http://www.zacks.com/ap/DIS

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Keywords: Walt Disney, Earnings Report, Priority Earnings