Earnings Preview : Walt Disney (NYSE:DIS) Q1-2010
Thursday, February 04, 2022 10:02 AM

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(By Tim) The Walt Disney Co. (NYSE: DIS) is scheduled to release their financial results for the first quarter of 2010 on Feb. 9, 2010 at market close, immediately followed by a webcast conference call concerning the results. Disney's fiscal year starts on about October 1.

The consensus estimate for the quarter's earnings is 39¢ per share compared to the 41¢ earned in the same quarter a year earlier. 22 analysts publish estimates on Disney and the projections from the quarter range from 34¢ to 51¢. Revenues for the quarter are expected to be $9.62 billion, almost identical with the first quarter of 2009 revenues of $9.60 billion.

The Walt Disney Company is a global, diversified entertainment company. The company and its affiliated companies are divided into five divisions: Media Networks including ABC, ESPN and the Disney Channel, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive Media. For the fiscal year that ended on October 3, 2009, Media Networks accounted for about 45% of revenues and Parks and Resorts pitched in 29.5%. Media Networks also accounted for the majority of income at 71% of the total operating income in 2009.

In 2010 Disney will attempt to match the success of Fox Media's blockbuster movie Avatar with the release of its own 3D film, Alice in Wonderland. The new movie will not have an effect on the first quarter earnings, but news from the conference call may affect the stock price. Disney need a turn around in the Studio Entertainment division, which saw operating income drop by 84% in 2009. This division generates revenues from theater and television distribution of movies and TV shows as well as DVD sales of Disney movies and programs. Multiple Oscar nominees Up and The Princess and the Frog should boost future DVD sales, but it will be interesting to see how the Studio division faired in the first quarter.

For the first quarter of 2009, Disney had a big miss on earnings compared to the forecast. The reported 41¢ per share in earnings was almost 20% below the consensus 51¢. The miss resulted in the analysts reducing their estimates for the rest of 2009. Disney was able to exceed the new estimates for the remaining quarters of the fiscal year. The 4th quarter of 2009, ending in early October, saw Disney report net income of 46¢ per share, beating the average estimate by a nickel, or 12%.

Fans of Disney stock are counting on the return to normal economic times for the media giant. The Studio Entertainment division was hit hard in 2009 when sales of popular DVDs decreased significantly. New titles and the results of the 2009 purchase of Marvel Entertainment could significantly boost profits in this segment. Disney has not reported less than 40¢ per share in quarterly earnings since 2006.

 

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