Walt Disney Co. (NYSE:DIS) posted a stronger-than-expected fiscal first quarter thanks to strong performance from its Studio Entertainment and Media Networks businesses.
Net income was $1.7 billion, or 79 cents, compared with $734 billion, or 50 cents, a year earlier. Revenue rose 10 percent to $9.72 billion. Excluding gains from the disposition of assets, profit was 50 cents, easily surpassing the 39 cents analysts had forecast, according to Thomson Financial. Revenue was better than the $9.5 billion analysts had expected.
"I am very pleased to report such strong quarterly earnings to kick off 2007," said Bob Iger, president and chief executive officer of The Walt Disney Company. "These results are particularly gratifying given the great year we had in 2006 and are another clear sign our strategy is driving growth and creating shareholder value."
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