Disney beats earnings estimates - even with 'John Carter' disaster

disneyland-vacation-packages.jpgThanks to its theme parks and ESPN revenue, Disney reported a 21 percent increase in quarterly profit. In addition, the movie division, which had to take a $200 million writedown due to the poorly received "John Carter," should revive quite nicely with "The Avengers. The action/adventure that's based on the Marvel characters opened over the weekend with a box office take of more than $200 million. A sequel is already in the works. From the NYT:

Disney's financial results, reported on Tuesday afternoon, also carried an optimistic message about consumer confidence from its sprawling theme park operation -- a sharp contrast to the downbeat job growth and retail sales reports released last week. Operating income at Walt Disney Parks and Resorts, watched as a barometer of the broader economy, surged 53 percent, to $222 million. Reasons for that division's growth include better margins and increased guest spending on hotel rooms and food at Walt Disney World in Florida and Disneyland in California. Attendance spiked at Disney's parks in Hong Kong and Tokyo.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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