The Walt Disney Company (NYSE:DIS) beat third-quarter earnings expectations, with revenue up 7% to $10.7 billion, net income up 8% to $1.5 billion, and earnings per share coming in at 77 cents, a 15% improvement over a year ago and 4 cents better than analysts expected. CEO Robert Iger credited the company’s media networks, including ESPN, as well as its parks and resorts, and consumer products, for strong revenue growth, but not Disney’s movie studio, which was the only of the entertainment company’s five segments to post a decline in third-quarter revenue, which fell 1% from a year earlier to $1.62 billion. Disney shares climbed 5.06% today, but are down 1.73% in after-hours trading following the company’s earnings report.
Cablevision Systems (NYSE:CVC) shares fell nearly 13% today after the cable company reported a net loss of 23,000 video subscribers during its second quarter. While earnings and revenue still grew, they fell short of analysts’ expectations. The company’s quarterly profit came in at $88.1 million, up from $61.1 million the previous year, while revenue rose 9.1% to $1.69 billion. The company reminds investors that the second-quarter results for its recently spun off cable company AMC Networks are still to come, and CVC figures already reported are markedly lower than expected because they now exclude AMC’s financials. However, Cablevision only added a few broadband and telephone customers, while losing more video subscribers than analysts expected, ending hte quarter with 3.28 million video users.
Scripps Networks (NYSE:SNI), the owner of HGTV, the Food Network, and various other lifestyle cable networks, reported second-quarter earnings Tuesday that beat expectations. The entertainment company reported a quarterly profit of $77.4 million, down 14% from $106.2 million last year. However, the company recently sold online comparison shopping site Shopzilla, and when excluding losses incurred from that sale, the company’s earnings actually rose from $98 million from the year-ago period, to $133 million in its most recent quarter. Overall revenue grew 12%, with advertising revenue growing 13% and affiliate fees growing 6.3%.
Revenue for HGTV rose 8.9% to $189 million, Food Network revenue grew 8.2% to $187 million, Travel Channel revenue grew 15% to $70.3 million, DIY Network revenue grew 27% to $29.0 million, and the Cooking Channel’s revenue grew 17% to $15.9 million.
Liberty Media (NASDAQ:LCAPA) reported better-than-expected second-quarter financials for its premium TV service, Starz, and its home shopping cable network, QVC. Starz subscriptions grew to an all-time high of 19 million in the most recent quarter. The channel’s adjusted operating income grew 146% to $118 million as revenue climbed 5% to $403 million. QVC’s operating income climbed 4% to $281 million, with revenue growing 8% to reach $1.9 billion, in large part due to growth in Japan. Liberty shares have climbed 8.23% today.