Disney Up Marginally After Earnings

Disney (DIS) earnings sure don’t look like any Mickey Mouse or Goofey results so far on the surface. The company posted EPS of $0.36 instead of $0.33 estimates and revenues of $8.7 Billion instead of $8.67 Billion. The company said earnings growth was from growth at its Studio Entertainment, Parks & Resorts, networks, broadcasting, and consumer products.“Disney had a spectacular year, posting record revenues, record net income, and record cash flow,” said Bob Iger, president and chief executive officer of the Walt Disney Company. “It is a result of the incredible creativity at our company.”DIS also repurchased 96 million shares in the quarter for some $2.8 Billion to bring total buybacks to 243 million shares. We’ll have to see what sort of guidance the company gives in its conference call. So far shares are up 0.2% at $33.65, but shares were up 1.45% to $33.58 in normal trading.One thing to note is that DIS is often criticized after the fact on the same day as earnings for showing items and the like, so that may be the reason for the muted response and immediate profit taking. Shares had initially jumped 1% after the report headlines. DIS 52-week trading range is $23.77 to $33.24.Jon C. OggNovember 9, 2006

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