Entertainment giant The Walt Disney Company (
) said late Tuesday that its second quarter profit surged 55% from
last year, helped by higher revenues and lower costs.
The Burbank, CA-based company reported fiscal second quarter net
income of $953 million, or 48 cents per share, compared with $613
million, or 33 cents per share, in the year-ago period.
Revenue rose 6% from last year, to $8.6 billion.
On average, Wall Stret analysts expected a smaller profit 46
cents per share, on lower revenue of $8.4 billion.
The company said that strong box office sales for its movies and
a turnaround in ad spending on its TV networks helped propel its
latest earnings results.
Still, Disney shares fell $1.06, or -3%, in premarket trading
The Bottom Line
We recently removed shares of DIS from our recommended list, when
the stock was trading at $37.04. The company has a .98% dividend
yield, based on last night's closing stock price of $35.76. The
stock has technical support in the $30-$31 price area. If the
shares can firm up, we see overhead resistance around the $38 price
level. We would remain on the sidelines for now.
The Walt Disney Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
Created by Dividend.com