Disney reported its fiscal second-quarter earnings jumped from year-earlier results, which were held down by accounting changes and the cost of buying ABC.
After excluding such one-time items, Disney’s earnings surged 63 percent for the quarter ended March 31. The strongest area was Disney’s creative-content segment, which includes Disney’s movie studios.
Burbank, Calif.-based Disney’s net income shot up to $333 million, or 49 cents a share, from $21 million, or 3 cents a share, a year earlier. The figures assume that recently acquired ABC’s results were fully reflected in both periods.
The year-earlier earnings, however, include $300 million in charges for changes in accounting practices and $225 million in costs for the acquisition of ABC on Feb. 9, 1996. Excluding the non-recurring items, year-earlier earnings were $204 million, or 30 cents a share.
Revenue rose to $5.48 billion from $4.99 billion.
