Disney 1Q revenue misses estimates but profits up

LOS ANGELES (AP) ? The Walt Disney Co. says net income rose 12 percent in the final quarter of 2011, as revenue inched higher amid company cost cutting.

Net income in the three months to Dec. 31 rose to $1.46 billion, or 80 cents per share, from $1.30 billion, or 68 cents per share, in the same period a year earlier.

The results beat the 71 cents per share expected by analysts polled by FactSet.

Revenue in the company's fiscal first quarter ticked up 1 percent to $10.78 billion from $10.72 billion. The revenue figure fell short of the $11.20 billion expected by analysts. Fees paid by distributors of ESPN rose, but advertising revenue at ESPN and broadcast network ABC was flat. Movie studio and interactive media revenue fell.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2012-02-07-US-Earns-Disney/id-0a33d93646944a5ea44cfee81d2c0c01

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