The Walt Disney Company (NYSE: DIS) has released its financial results for the third quarter of 2024 today.
Financial Results for the Quarter:
Revenues for the quarter increased to $23.2 billion from $22.3billion in the prior-year quarter.
Income (loss) before income taxes improved to income of $3.1billion in the current quarter from a loss of $0.1 billion in the prior-year quarter.
Diluted earnings per share (EPS) was $1.43 for the current qualrter compared to a loss of $0.25 in the prior-year quarter.
Excluding certain items, diluted EPS for the quarter increased to $1.39from $1.03 in the prior-year quarter.
“Our performance in Q3 demonstrates the progress we’ve made against our four strategic priorities across our creative studios, streaming, sports, and Experiences businesses,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “This was a strong quarter for Disney, driven by excellent results in our Entertainment segment both at the box office and in DTC, as we achieved profitability across our combined streaming businesses for the first time and a quarter ahead of our previous guidance. Despite softer third quarter performance in our Experiences segment, adjusted EPS for the company was up 35%, and with our complementary and balanced portfolio of businesses, we are confident in our ability to continue driving earnings growth through our collection of unique and powerful assets.”
Outlook for Q4’24
In Q4，profitability of combined streaming businesses to improve, both Entertainment DTC and ESPN+ expected to be profitable
Expect Disney+ Core subscribers will grow modestly
At Content Sales/Licensing and Other, Disney expects profitability in Q4 to look roughly similar to Q3, and expect profitability for the full fiscal year 2024
At Experiences segment, Disney expects demand moderation they saw in domestic businesses in Q3 could impact the next few quarters, and Q4 Experiences segment operating income to decline by mid single digits versus the prior year