Walt Disney has reported a 31 per cent increase in third quarter profits to $1.01 per share, up from $0.77 in the prior-year quarter.
“We had a phenomenal third quarter, delivering the largest quarterly earnings in the history of our company,” said Robert Iger, Walt Disney chief executive.
“Earnings per share were up 31% over last year, driven by growth in every one of our businesses.
“We also delivered record earnings per share for the first nine months of our fiscal year, and we believe our results clearly demonstrate Disney’s unique value proposition and great potential to deliver long-term growth.”
Operating profit improved by 18 per cent to $3.24 billion.
Parks & Resorts
Parks & Resorts revenues for the quarter increased nine per cent to $3.4 billion and segment operating income increased 21 per cent to $630 million.
Results for the quarter were driven by increases at Tokyo Disney Resort, Disney Cruise Line and the domestic parks and resorts.
The increase at Tokyo Disney Resort reflected the loss of income from the March 2011 earthquake and tsunami in Japan, which resulted in a temporary suspension of operations and a reduction in volume after reopening in the prior-year quarter, and the collection of related business interruption insurance proceeds in the current-year quarter.
Operating income growth at Disney Cruise Line was due to the first full quarter of operations of the Disney Fantasy.
Higher operating income at the domestic parks and resorts was primarily due to increased guest spending at both Walt Disney World Resort and Disneyland Resort and attendance growth at Disneyland Resort, partially offset by higher costs.
Increased guest spending reflected higher average ticket prices, food, beverage and merchandise spending, and daily hotel room rates. Higher costs were driven by labour cost inflation, resort expansion and new guest offerings, and increased investments in systems infrastructure at Walt Disney World Resort.