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Disney reports higher third-quarter profit

Walt Disney Co, the No. 2 U.S. entertainment company, reported a higher net profit on Wednesday, driven by strong performances at its television network, parks and consumer products businesses.
/ Source: Reuters

Walt Disney Co, the No. 2 U.S. entertainment company, reported a higher net profit on Wednesday, driven by strong performances at its television network, parks and consumer products businesses.

Disney, which runs broadcast, movie entertainment, theme parks and consumer products businesses, said its fiscal third quarter net income from continuing operations rose to $1.2 billion, or 58 cents per share from $1.1 billion, or 51 cents per share a year earlier.

Revenue rose 7 percent to $9.045 billion, from $8.47 billion a year ago.

During the quarter, Disney released the hit films "Pirates of the Caribbean: At World's End" and "Ratatouille," finalized the sale of its ABC radio stations, and concluded a probe into backdated stock options at its Pixar Animation Studio.

Disney shares traded between $36.55 and $33.40 during its fiscal third quarter, at a price-to-earnings ratio of 15.8 times estimated fiscal 2008 earnings. Shares of Time Warner Inc traded at 16.5 times estimated 2008 earnings, and Viacom Inc traded at a multiple of 14.7.