Disney shares jump as blockbuster hits drive Q4 profits
By Benjamin Chiou
Date: Thursday 14 Nov 2024
(Sharecast News) - Disney's stock price jumped on Thursday morning after the media and entertainment giant impressed with its fourth-quarter earnings, helped by blockbuster releases Deadpool & Wolverine and Inside Out 2, and published bullish guidance for the next financial year.
Adjusted earnings per share was up 39% year-on-year in the fourth quarter ended 28 September at $1.14, compared with the $1.10 expected by the market. Total operating income increased by 23% to $3.66bn.
Disney said Pixar's Inside Out 2 and Marvel's Deadpool & Wolverine broke numerous box office records and helped drive $316m in operating income from content sales and licensing during the quarter.
Meanwhile, the company ended the quarter with 174m Disney+ Core and Hulu subscriptions, and more than 120m Disney+ Core paid subscribers - an increase of 4.4m over the three-month period.
Meanwhile, revenues were up 6% at $22.57bn, beating the $22.45bn consensus forecast.
Disney said the fourth quarter was "one of the best quarters in the history of our studio", pushing the stock up 8.2% to $111.11 by 1045 in New York.
Looking ahead, the company is targeting high-single digit adjusted EPS growth in the year ending September 2025, followed by double-digit growth in the following two years.
"This was a pivotal and successful year for The Walt Disney Company, and thanks to the significant progress we've made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future," said chief executive Bob Iger.
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