Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – The Walt Disney Company (NYSE:DIS) yesterday announced its 2Q14 earnings for quarter ended March 29, 2014. Alongside, the company taken over the #23 spot from Citigroup Inc. (NYSE:C) in terms of the underlying components of the S&P 500 ranked by largest market capitalization. Yesterday, the stock of Walt Disney fell 0.23% and closed at $81.03 with market capitalization of $141.97 billion as against Citigroup’s market capitalization of $140.83 billion.
The Walt Disney Company (NYSE:DIS) reported a 27% increase in its net income for 2Q14 mainly attributed to strong performance of its film studio. The company posted net income of $1.92 billion for 2Q14 as compared to $1.51 billion during 2Q13. The company also reported 10% year over year increase in its 2Q14 revenue which was $11.65 billion. Walt Disney’s studio, parks and resorts, media networks, interactive divisions and consumer products each posted double digit operating income growth for 2Q14 on a year over year basis.
Earnings per share increased to $1.08 during 2Q14 as compared to $0.83 per share during 2Q13. Walt Disney’s adjusted earnings for 2Q14 was $1.11 per share after excluding charges for restructuring and foreign exchange losses which significantly beat Zacks consensus estimate of $0.97 per share.
2Q14 Operating Income:
The Walt Disney Company (NYSE:DIS)’s movie studio posted operating income of $475 million in 2Q14 as compared to $118 million during 2Q13. Revenue increased by 35% during 2Q14 to $1.8 billion. Media networks group posted operating income of $2.13 billion for 2Q14, up 15% from 2Q13. Revenue increased by 4% during 2Q14 to $5.13 billion. Interactive division reported operating income of $14 million in 2Q14 as compared to ($54) million in 2Q13. Revenue grew up 38% to $268 million. Operating income for parks and resorts grew 19% to $457 million and consumer products division grew 37% to $274 million in 2Q14.