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Disney Reports Profit Increase

Walt Disney Co. reported a surge in net profit on Tuesday as its television business and theme parks outweighed losses at its studio. The company posted net income of $733 million, or 37 cents per share, compared with $657 million, or 31 cents per share a year ago.

Revenue rose to $8.03 billion from $7.83 billion in last year`s second quarter. Though it lagged analysts expectations who, on average, expected net and adjusted earnings of 31 cents per share and revenue of $8.2 billion for the second quarter, according to Reuters Estimates.

Disney operates theme parks, a film studio, TV and radio networks and a consumer goods licensing business. Disney network earnings rose 20 percent to $969, parks income rose 17 percent to $214 million, while studio profit fell 39 percent to $147 million and consumer products income fell 8 percent to $104 million.