Disney Raises Full-Year Guidance as 2Q Adjusted EPS Tops Views

By Colin Kellaher

Disney posted fiscal second-quarter profits that topped Wall Street's expectations and raised its full-year earnings guidance.

Disney on Tuesday reported an adjusted profit of $1.21 a share for the quarter ended March 30, up from 93 cents a share a year earlier and well ahead of the $1.10 a share that analysts polled by FactSet, on average, were expecting.

After booking more than $2 billion in charges due to goodwill impairments related to Star India and its entertainment linear networks, the Burbank, Calif., company reported a loss of one cent a share for the quarter.

Revenue rose 1% to $22.08 billion, just shy of the $22.12 billion that Wall Street had penciled it.

As a result of the adjusted earnings beat, Disney said it is now targeting adjusted per-share earnings growth of 25% for fiscal 2024, up from a prior target of at least 20%.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 07, 2024 06:45 ET (10:45 GMT)

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