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Disney reports record quarterly earnings

Disney reports record quarterly earnings

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NEW YORK (CNNMoney) — The Walt Disney Company delivered record-setting quarterly earnings on Tuesday, handily beating Wall Street estimates.

Disney reported $1.8 billion in net income and earnings of $1.01 a share for the quarter ended in June, ahead of the 93-cent consensus estimate from analysts surveyed by Thomson Reuters.

The company missed slightly on sales, however, reporting $11.1 billion in revenue against a consensus estimate of $11.3 billion. Disney (DISFortune 500) shares slipped 0.6% in after-hours trading.

CEO Bob Iger said the company’s numbers “clearly demonstrate Disney’s unique value proposition and great potential to deliver long-term growth.”

“We had a phenomenal third quarter, delivering the largest quarterly earnings in the history of our company,” Iger said in a statement.

Disney has been one of the Dow’s best-performing stocks in 2012, climbing more than 30% and trailing only Bank of America (BACFortune 500) among Dow components. Shares reached an all-time high last month, closing just shy of the $50 mark.

Disney’s ESPN networks continue to book strong advertising revenue and healthy fees from cable and satellite companies. The company also scored a huge win with May’s release of “The Avengers.”

“The Avengers” has grossed more than $616 million in the U.S., according to Hollywood tracker Box Office Mojo, the third highest of all time after “Avatar” and “Titanic.” The film has added another $844 million internationally, making it Disney’s best-performing movie ever by worldwide box office totals.

Disney gained the rights to the legendary characters with its $4 billion purchase of comic-book publisher Marvel three years ago. Iger said in a call with analysts earlier this year that Disney would release an “Avengers” sequel “eventually, at a date to be determined.”

Disney isn’t the only big media company that’s enjoyed a surging share price this year.

News Corp (NWSAFortune 500) shares are up more than 33% so far in 2012, while CBS (CBSFortune 500) has climbed 31%. CNNMoney parent Time Warner (TWXFortune 500) is up 15%, while Viacom (VIABFortune 500) has gained 8%.  To top of page

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