The Walt Disney Co. on Tuesday reported sharply higher earnings, helped by strong results at its cable networks and movie studio.
Net income rose 40% to $1.3 billion, or 67 cents per share, from $954 million, or 51 cents a year ago. Revenues rose 16% to $10 billion.
Disney's Media Networks division, which includes ABC and ESPN, recorded a 19% increase in revenue to $4.7 billion. Operating income rose 43% to $1.9 billion.
Revenue rose 4% to $1.4 billion at Disney's broadcast outlets and 28% at its cable units. Operating income rose 50% to $1.7 billion at the cable networks, and 2% to $209 million in broadcasting.
The cable networks benefited from revenue that had been previously deferred at ESPN. The sports programmer also had higher affiliate and advertising revenue that was partially offset by higher programming and production costs due to the World Cup and ESPN's new U.K. network.