Disney profit rises on theme parks, networks



Reuters
via The Hollywood Reporter
Nov 9, 2007

The Walt Disney Co. reported Thursday a higher quarterly profit, driven by its media networks and theme parks.

Net income rose to $877 million, or 44 cents per share, from $782 million, or 36 cents per share, in last year's fiscal fourth quarter. Revenue rose 3% to $8.9 billion in the quarter.

Analysts, on average, had forecast revenue of $9.02 billion for the quarter, according to Reuters Estimates.

Like rivals Time Warner Inc. and Viacom Inc., Disney is benefiting this year from an unprecedented string of box office blockbusters and strong cable advertising rates. A weak dollar also boosted visitation to Disney resorts and theme parks, as U.S. vacationers stayed closer to home.

Disney's share price rose less than 1% in its fourth quarter ended Sept. 29. The stock was trading at a multiple of 15.7 times estimated 2008 earnings, compared with 15.7 for Time Warner and 15.6 for Viacom, according to Reuters Estimates.
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