Walt Disney Profit Rises On 'Star Wars'

(RTTNews) - Entertainment giant Walt Disney Co. (DIS) Tuesday reported an increase in first-quarter profit that also trumped Wall Street expectations, as revenues jumped 14 percent on stupendous performance of Star Wars: The Force Awakens.

Burbank, California-based Disney's first-quarter profit rose to $2.88 billion or $1.73 per share from $2.18 billion or $1.27 per share a year earlier.

Adjusted earnings for the quarter were $1.63 per share. On average, 31 analysts polled by Thomson Reuters expected earn $1.45 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 14 percent to $15.24 billion from $13.39 billion last year. Analysts had a consensus revenue estimate of $14.75 billion for the quarter.

Commenting on the results, CEO Robert Iger said, "Driven by the phenomenal success of Star Wars, we delivered the highest quarterly earnings in the history of our Company, marking our 10th consecutive quarter of double-digit EPS growth."

The global success of Star Wars: The Force Awakens drove record quarterly operating income at both Studio Entertainment and Consumer Products & Interactive Media, which grew at 86 percent and 23 percent, respectively, the company said.

The Force Awakens, the latest sequel of George Lucas epic space movie, has collected over $2.00 billion in the worldwide box office and has also shattered almost all box office records.

Media networks segment's revenues rose 8 percent to $6.33 billion, while parks and resorts units climbed 9 percent to $4.28 billion. Studio entertainment revenues surged 46 percent to $2.72 billion and consumer products & interactive media division revenues increased 8 percent to $1.91 billion.

DIS closed Tuesday's trading at $92.32, up $0.20 or 0.22% on the NYSE. The stock further, however, dropped $2.09 or 2.26% in the after-hours trade.