Walt Disney Co. (NYSE: DIS) continues to defy skeptics, posting second-quarter profit that beat Wall Street expectations thanks to fee increases at ESPN and a robust business at the theme parks.

Net income at the second-largest media company rose 9% to $1.28 billion, or 66 cents a share, from $1.18 billion, or 57 cents, a year earlier. Excluding one-time items, profit was 62 cents, two cents better than Wall Street forecasts, according to Bloomberg News. Sales rose 2.1% to $9.24 billion. The stock, though, is down in after-hours trading for reasons that are not clear.

Among the highlights:

• Media Networks revenue for the quarter increased 8% to $4.1 billion and segment operating income increased 9% to $1.5 billion helped by growth at ESPN and the Disney Chanel.
  
• Parks and Resorts revenue increased 5% to $3.0 billion and segment operating income increased 3% to $641 million amid higher ticket prices and guest spending at Walt Disney World.
• Studio entertainment and consumer products showed declines amid lower box office receipts and the disappointing performance of "The Chronicles of Narnia: Prince Caspian."

Disney has so many ways of making money that if one business falters, the others take up the slack. That's why it remains the best managed of any media company and the one stock in the sector that remains a buy.

Walt Disney Co. (NYSE:DIS) won't have to wish upon a star when it reports fiscal first quarter results on Feb. 7. The company's results, while not particularly magical, will be fine.

Revenue is expected to rise 7.6 percent to $9.52 billion, according to Thomson Financial. Profit is expected to drop to 39 cents from 35 cents as the second-largest media conglomerate boosts spending on its theme parks and digital business.

Last year was a good one for Disney at the box office. "Pirates of the Caribbean: Dead Man's Chest" was the top movie of the year, grossing more than $423 million, according to Box Office Mojo. Another Disney movie "Cars" was second with $244 million. ABC's "Dancing with the Stars" was the third-most popular last year while "Desperate Housewives" was the eighth, according to Nielsen Media Research. Of course, "Lost" will attract scads of viewers once original shows start airing.

The theme parks have done well this year. Chief Financial Officer Thomas Skaggs said in December that the company was looking to expand its theme park business outside the U.S. The weak dollar should be good for Walt Disney World and Disneyland Park which attract tourists from Europe and Asia.

Wall Street has mixed views on Disney.

Fourteen analysts rate the stock either a strong buy or buy. Twelve consider it a hold and one a sell. Their mean price target is $37.62.

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