 Disney looks forward to double-digit growth in 2006 |
Walt Disney has seen its second quarter profits rise 12%, with increased strength at its TV business offsetting a decline at its film arm. Disney made a net profit of $733m (�393m) in the three months period to the end of March 2006, up from $657m a year earlier.
Quarterly revenue rose to $8.03bn from the $7.83bn seen 12 months previously, but this was below analyst predictions.
TV shows Desperate Housewives and Lost boosted advertising and viewer figures.
Profits at Disney's theme parks rose 17% in the quarter, but consumer product income fell by 8%.
Disney's firm studio profits fell 39% during the quarter compared to a year ago, on lower box office results and strong sales of DVDs for films like The Incredibles.
Last week, Disney completed its $7.4bn acquisition of animation studio Pixar, giving Apple Computer CEO Steve Jobs a 6.3% stake in the firm and a boardroom seat.
Theatrical releases
Disney finance chief Tom Staggs said the all-stock purchase of Pixar would dilute its 2006 earnings by 10 cents a share.
He also said Disney expected double-digit earnings growth in the 2006 financial year compared with a year ago, even after the Pixar effect.
Disney's shares rose 1.4% in after-hours electronic trading in New York.
"We are basically there," said David Miller, an analyst with Sanders Morris Harris.
Later this year "the problems at the studio... will be a foggy memory," he said, because of the anticipated successes of theatrical releases of Cars and Pirates of the Caribbean: Dead Man's Chest.
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The problems at the studio... will be a foggy memory
