Walt Disney Likely to Swing to 3Q Profit -- Earnings Preview
Walt Disney Likely to Swing to 3Q Profit -- Earnings Preview
By Kimberly Chin
作者：金伯利·陈(Kimberly Chin)
Walt Disney Co. is scheduled to report results for its fiscal third quarter after the market closes Thursday. Here's what you need to know.
华特迪士尼公司(Walt Disney Co.)定于周四收盘后公布第三财季业绩。这是你需要知道的。
EARNINGS FORECAST: Analysts on average expect a profit of 36 cents a share, compared with a loss of $2.61 a share as reported a year ago, per a FactSet poll. On an adjusted basis, analysts targeted profit of 55 cents a share, compared with an adjusted profit of 8 cents a share in the same quarter a year earlier.
收益预测：根据FactSet的调查，分析师平均预计每股盈利36美分，而一年前报告的每股亏损2.61美元。在调整后的基础上，分析师的目标利润为每股55美分，而去年同期调整后的利润为每股8美分。
REVENUE FORECAST: Analysts expect $16.76 billion, per FactSet, compared with the $11.78 billion the company reported a year earlier.
营收预测：分析师预计每个FactSet的营收为167.6亿美元，而该公司去年同期的营收为117.8亿美元。
INVESTOR CALL: Disney will hold the call at 4:30 p.m. ET.
投资者电话会议：迪士尼将于下午4：30举行电话会议。Et.
WHAT TO WATCH
看什么？
PREMIERE ACCESS IMPACT: Disney chose to debut Marvel's "Black Widow" on Disney+ Premier Access and in theaters. Wall Street analysts will be looking at the move's effect on revenue. "DPA certainly cannibalizes box office but with DIS's much higher take rate vs theater splits, its impact on revenue and profits is less clear, especially if it means less marketing spend," Wells Fargo analysts said. With the U.S. and the rest of the world still reopening, Disney+ Premier Access could prove to be a better play for revenue in the new normal, Wells Fargo analysts said.
首映影响：迪士尼选择在迪士尼+Premier Access和影院首映漫威的《黑寡妇》(Black Widow)。华尔街分析师将关注此举对营收的影响。富国银行(Wells Fargo)分析师表示：“DPA当然会蚕食票房，但由于DIS的上座率比影院分账高得多，它对收入和利润的影响就不那么明显了，特别是如果这意味着营销支出减少的话。”富国银行(Wells Fargo)分析师表示，在美国和世界其他地区仍在重新开放的情况下，在新常态下，迪士尼+Premier access可能会被证明是更好的收入来源。
THEME PARKS: Disney has room to grow in theme parks because attendance levels were likely lower three months ago, when Covid-19 pandemic restrictions started to ease. "We see room for upside based on how management discusses forward bookings, occupied room nights, revPAR and per-cap spend," Wells Fargo analysts said.
主题公园：迪士尼在主题公园有增长的空间，因为三个月前，当新冠肺炎疫情控制开始放松时，参观人数可能还较低。富国银行(Wells Fargo)分析师表示：“根据管理层对提前预订量、客房入住率、每间客房平均房价(RevPAR)和人均支出的讨论，我们看到了上行空间。”
USER GROWTH: Disney+ added fewer subscribers than analysts were expecting in the second quarter as economies began reopening and people spent more time away from home. However, it still has a healthy pipeline of content, which should sustain its growth, analysts said. "We expect its original content ramp and material new market launches will reaccelerate growth, and investor expectations are appropriately modest for F3Q net adds," Credit Suisse analysts said. "Still, FY22+ expectations for advertising, theme parks and film might prove low and any clear indicators this quarter could help follow-through," the analysts said.
用户增长：迪士尼+在第二季度增加的订户少于分析师的预期，因为经济开始重新开放，人们外出的时间更多。然而，分析师表示，它仍然拥有健康的内容渠道，这应该会维持其增长。瑞信(Credit Suisse)分析师表示：“我们预计，它的原创内容提升和实质性的新市场发布将重新加速增长，投资者对F3Q Net Adds的预期适当温和。”分析师表示：“尽管如此，对广告、主题公园和电影在22财年以上的预期可能会很低，本季度的任何明确指标都可能有助于后续行动。”
Write to Kimberly Chin at kimberly.chin@wsj.com
写信给Kimberly Chin，电子邮件：kimberly.chin@wsj.com