Disney (DIS - Free Report) reported fourth-quarter fiscal 2019 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 12.6% but decreasing 27.7% year over year.
Notably, on Mar 20, Disney acquired Twenty-First Century Fox (21CF) for cash and issuance of 307 million shares. The quarterly results include 21CF and Hulu LLC (Hulu) results and the consolidations affected earnings before purchase accounting by 47 cents.
Revenues jumped 33.5% from the year-ago quarter to $19.10 billion, which surpassed the consensus mark by 0.4%. The year-over-year growth was driven by solid top-line performance across all segments, particularly the Studio Entertainment and Direct-to-Consumer (DTC) businesses.
However, higher operating losses in the DTC segment and Media Networks’ operating income decline hurt profitability.
Disney is set to launch its streaming service Disney+ on Nov 12 in the United States, Canada and the Netherlands. The service will be available in Australia and New Zealand from Nov 19. Moreover, on Mar 31, 2020, Disney+ will be launched in markets across Western Europe, including the U.K., France, Germany, Italy, Spain and several other countries in the region.
The Walt Disney Company Price, Consensus and EPS Surprise