The Walt Disney Co., the second largest U.S. entertainment company, on Wednesday reported a higher quarterly profit from strong performances by its films, television, and theme parks.
Disney, which runs broadcast, movie entertainment, theme parks and consumer products businesses, said its fiscal third quarter net income rose to $1.13 billion, or 53 cents per share, from $811 million or 39 cents per share a year earlier.
Total revenue increased 12 percent to $8.6 billion.
Analysts, on average, expected Disney to report a profit excluding items of 44 cents per share and revenue of $8.6 billion, according to Reuters Estimates.
The company last month pared the head count at its ailing studio division by about 20 percent. It also plans to cut back its movie output and focus on Disney-branded family films, such as "Cars" and blockbuster franchises like "Pirates of the Caribbean," which can serve as the basis for products across all its businesses.
Disney shares traded between $27.67 and $30.74 during its fiscal third quarter, at a price-to-earnings ratio of 17.9 times estimated fiscal 2007 earnings. Shares of Time Warner Inc. traded at 16.1 times 2007 earnings, and Viacom Inc. traded at at multiple of 14.9.