The Walt Disney Co. reported higher second quarter earnings, thanks to the strong performance of films including Frozen at the box office and increased operating income at its cable and broadcast properties.
Net income grew 27% to $1.9 billion, or $1.08 share, from $1.5 billion, or 83 cents a share a year ago.
Revenues rose 10% to $11.6 billion.
“We’re extremely pleased with our results this quarter, delivering double-digit increases in operating income across all of our businesses and the highest quarterly earnings per share in the history of the company,” Bob Iger (pictured), chairman and CEO, said in a statement. “Our continued strong performance reflects the strength of our brands, the quality of our content, and our unique ability to leverage creative success across the entire company to drive value.”
Operating income for Disney’s Media Networks grew 15% to $2.13 billion. Revenues rose 4% to $5.13 billion.
Disney’s cable networks, including ESPN, racked up a 15% increase in operating income to $1.97 billion. The company credited growth at ESPN and Disney Channel for the gains, along with higher equity income from A+E Networks. ESPN had increased affiliate revenue, but lower ad revenue. Programming and productions costs were down at ESPN as well.
Revenues at the cable network rose 5% to $3.63 billion.
Disney’s broadcasting unit also generated a 15% increase in operating income, which rose to $159 million. The company said the stations had higher affiliate revenue and lower general, administrative and marketing expenses.
Broadcast revenues were flat at $1.5 billion. Network primetime advertising revenue decreased.
Studio entertainment registered a 300% increase in operating income as revenues increased 35%.