===Walt Disney reported earnings on Tue 7 May 24 (b/o)

 

Walt Disney beats by $0.11, reports revs in-line; guides FY24 adj. EPS in-line

• Reports Q2 (Mar) earnings of $1.21 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $1.10; revenues rose 1.2% year/year to $22.08 bln vs the $22.12 bln FactSet Consensus. 
• The Entertainment Direct-to-Consumer business was profitable in the second quarter. While we are expecting softer Entertainment DTC results in Q3 to be driven by Disney+ Hotstar, we continue to expect our combined streaming businesses to be profitable in the fourth quarter, and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025. 
• Disney+ Core subscribers increased by more than 6 million in the second quarter, and 
• Disney+ Core ARPU increased sequentially by 44 cents. 
• "Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4." 
• We remain on track to generate approximately $14 billion of cash provided by operations and over $8 billion of free cash flow(1) this fiscal year. 
• As a result of outperformance in the second quarter, our new full year adjusted EPS growth target is now 25%, which translates to ~$4.70 vs $4.71 FactSet Consensus. Company's prior guidance was $4.60.