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Disney shares fall on fiscal Q3 earnings miss

Walt Disney Co. shares were down more than 3% in after-hours trading Aug. 6 after the company missed both top- and bottom-line expectations for its fiscal third quarter.

Net income attributable to the media conglomerate came to $1.76 billion, or 97 cents per share, for the quarter ended June 29, down from $2.92 billion, or $1.95 per share, in the year-ago quarter. Excluding certain special items impacting comparability, Disney said its EPS for the fiscal third quarter decreased 28% year over year to $1.35 from $1.87.

The S&P Global Market Intelligence consensus EPS estimate for the just-ended quarter was $1.74 on a normalized basis and $1.45 on a GAAP basis.

Revenue for the quarter was $20.25 billion, up 33.0% year over year from $15.23 billion, but below consensus expectations of $21.40 billion, according to S&P Global Market Intelligence.

Revenue at the company's studio entertainment segment jumped 33% year over year to $3.84 billion from $2.88 billion. The segment's operating income increased 13% year over year to $792 million. Disney attributed the higher operating income to an increase in theatrical distribution results and lower film cost impairments at the company's legacy operations. Disney released several blockbusters in the quarter ended June 29, including "Avengers: Endgame," "Toy Story 4" and "Aladdin."

Disney's media networks registered year-over-year revenue growth of 21% to $6.71 billion as the company integrated networks formerly owned by 21st Century Fox. Its parks and products segment grew by 7% to $6.58 billion, driven by growth in merchandise licensing and contributions from Disneyland Paris. The direct-to-consumer and international segment revenue jumped to $3.86 billion from $827 million a year ago, reflecting the consolidation of a majority stake in streaming platform Hulu in the segment.