Disney announces third quarter earnings for fiscal 2013

The Walt Disney Company today reported earnings for its third fiscal quarter and nine months ended June 29, 2013. Diluted earnings per share (EPS) for the third quarter of $1.01 was equal to the prior-year quarter.

Excluding certain items affecting comparability, EPS for the quarter increased 2% to $1.03 compared to $1.01 in the prior-year quarter. Diluted EPS for the nine months ended June 29, 2013 was $2.61 compared to $2.44 in the prior-year period.

“We are pleased with the results we delivered in the third quarter,” said Robert A. Iger, Chairman and CEO of The Walt Disney Company. “We are confident that our strategy of creating high-quality branded content positions us well for the future.”

EPS for the current quarter includes $60 million of restructuring and impairment charges, which had a negative impact of $0.02 on EPS.

Media Networks revenues for the quarter increased 5% to $5.4 billion and segment operating income increased 8% to $2.3 billion. Operating income at Cable Networks increased $229 million to $2.1 billion for the quarter due to growth at ESPN, A&E Television Networks (AETN) and the domestic Disney Channels, partially offset by a decrease at ABC Family.

Parks and Resorts revenues for the quarter increased 7% to $3.7 billion and segment operating income increased 9% to $689 million. Operating income growth for the quarter was driven by increases at Disney’s domestic parks and resorts. Parks and Resorts results for the quarter include an unfavorable impact due to a shift in the timing of the Easter holiday relative to the company’s fiscal periods

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