Tomorrow afternoon Walt Disney Co. (NYSE: DIS) will be answering Wall Street's questions about the strength of its US amusement parks when it reports its second quarter earnings.

The last time that Disney reported earnings was February 5, when the company topped analysts' estimates of 52 cents per share by a whopping 11 cents.

This time, analysts expect earnings of 51 cents a share on sales of $8.51 billion, compared with 43 cents and revenue of $8.07 billion a year earlier. Sales are expected to decline year-over-year as a result of the weak market conditions hurting Disney's theme parks, particularly its Walt Disney World in Florida.

One analyst at Cowen & Co., Doug Creutz, has already warned Wall Street that it could be a weak quarter, with consumers cutting back spending in reaction to the sluggish economic conditions. Creutz forecast a drop of 2.7% for Disney park sales, with a fall of 10% in operating profits, basing his predictions on a similar reaction in consumer confidence back in 1990-91 and 2001-02.

He went on to state that he believes "Disney's parks and resorts segment is one of the most exposed business segments in the company to the impact of a potential recession."

On the other side of the coin, analyst Doug Mitchelson of Deutsche Bank Securities, showed confidence in the company's ability to surpass the current economic downturn, by turning in its favor higher prices.

For the moment, it looks like Wall Street is siding with Mitchelson, pushing Disney stock slightly higher in morning trading.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.