The Walt Disney Company has posted a 59% increase in pre-tax earnings for the year ended 30 September 2024.
Disney said income before income taxes fell 6% to $0.9 billion (A$1.4 billion) in the fourth quarter (Q4) compared with the previous corresponding period but increased 59% to $7.6 billion over the full year (FY24).
Diluted earnings per share increased 79% to $0.25 in Q4 and more than doubled to $2.72 in FY24 for Disney, which owns film studios, theme parks and resorts, as well as television and media networks such as ABC, among other assets.
“We achieved strong 23% growth in total segment operating income for Q4 and 21% for the year, and 39% growth in adjusted EPS to $1.14 from $0.82 for Q4 and 32% to $4.97 from $3.76 for the year,” the company said.
CEO Robert Iger said FY24 was a pivotal and successful year for Disney which had emerged well-positioned for growth and optimistic about the future after a period of considerable challenges and disruption.
“Our solid performance in the fiscal fourth quarter reflected the success of our strategic efforts to improve quality, innovation, efficiency, and value creation,” Iger said in a statement.
In Q4 Disney saw one of the best quarters in the history of its film studio, improved profitability in streaming, a record-breaking 60 Emmy Awards, the continued power of live sports, and the unveiling of new projects in the Experiences segment.
“As a result of our strategies and our focus on managing our businesses for both the near- and long-term, we are differentiating ourselves from traditional competitors, leveraging the deepest and broadest set of entertainment assets in the industry to drive attractive returns and further advance our goals,” Iger said.
Pixar’s Inside Out 2 and Marvel’s Deadpool & Wolverine broke box office records and helped drive $316 million in operating income at Disney’s Content Sales/Licensing and Other segments in Q4.
As to its outlook, Disney forecasts high-single digit adjusted EPS growth for fiscal 2025 and double-digit adjusted EPS growth for 2026 for 2027.
Walt Disney (NYSE: DIS) shares closed at US$109.12, up $6.40 (6.23%), after trading between $108.40 and $114.81, capitalising the 101 year old California-based company at $197.9 billion.