Disney boosted its second-quarter profits by
21 percent as improvements in its TV and theme park businesses
compensated for film studio losses sparked by the failure of the John
Carter sci-fi epic, the entertainment conglomerate said Tuesday.
Overall, the company's revenues grew 6 percent to $9.63 billion, compared to $9.08 billion a year ago, while net
income climbed to $1.14 billion, from $942 million in
the second quarter of 2011.
The company's media networks, which include television properties
such as ESPN and ABC, saw revenues rise 9 percent to $4.7 billion, while profits rose 13 percent to $1.73 billion.
The performance of Disney's Parks and Resorts business was even
more impressive, even though the Eurozone crisis hurt Disneyland
Paris performance. Attendance picked up at the other attractions,
sending revenue climbing 10 percent to $2.9 billion and
profits surging 53 percent to $222 million.
That helped make up for the tumble in the company's film revenues,
which dropped 12 percent due to the flop John Carter, for which the
company previously announced it would take a charge of $200 million. Disney's studio division earnings went from a profit of $77
million a year ago to a loss of $84 million in the
recently completed quarter.
With the studio currently riding high thanks to the
record-breaking debut of The Avengers, Disney chief executive Bob
Iger said he was confident about the company's prospects.
"We're pleased with our second-quarter performance," Iger said.
"We're incredibly optimistic about our future, given the strength of
our core brands - Disney, Pixar, Marvel, ESPN, and ABC -- and our
extraordinary ability to grow franchises across our businesses, such
as The Avengers."
