Walt Disney Co enjoyed a solid second quarter with results buoyed by strong performances from its TV networks business, themes parks, and the success of Marvel’s Avengers: Age of Ultron Frozen.
The company posted net income of $2.1 billion for the three months to March 28, 2015, a rise of 10% on the same period a year earlier. Revenues for the quarter reached $12.46 billion, up 7% year-on-year. Parks and resorts revenues for the quarter increased 6% to $3.8 billion.
Studio entertainment revenues for the quarter decreased 6% to $1.7 billion and segment operating income decreased 10% to $427 million.
Lower operating income was driven by decreases in domestic home entertainment and international theatrical distribution, partially offset by a higher revenue share with the consumer products segment, reflecting performance of Frozen merchandise in the current quarter, and lower film costs impairments.
Operating income at the company’s Broadcasting unit increased 90%, albeit from a low base, to $302 million for the quarter due to growth in affiliate fees, higher program sales and an increase in advertising revenues.
“Our second quarter performance, marked by increased revenue, net income and EPS of $1.23, demonstrates the incredible ability of our strong brands and quality content to drive results,” said Robert A. Iger, chairman and CEO of the Walt Disney Company.