Entertainment giant The Walt Disney Company ( DIS ) late Tuesday posted better-than-expected fiscal third quarter earnings, aided by growth in its TV networks and theme parks units.
The Burbank, CA-based company reported fiscal third quarter net income of $1.48 billion, or 77 cents per share, compared with $1.33 billion, or 67 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 78 cents per share.
Revenue rose 7% from last year to $10.7 billion.
On average, Wall Street analysts expected a smaller profit of 73 cents per share on lower revenue of $10.4 billion.
After an initial after-hours pop, Disney shares reversed course and fell $1.18, or -3.4%, during premarket trading Wednesday.
The Bottom Line
Shares of Walt Disney ( DIS ) have a 1.15% dividend yield, based on last night's closing stock price of $34.70. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $38 price level.
The Walt Disney Company ( DIS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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