===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.

Earnings this week : May 6 - 10, 24 (wk 19)

Monday (May 6)

• Morning: AMG AMR AESI BCRX BNTX CNA FRPT IART JLL KRYS MFA MODN NSSC NWN PRFT SAVE SHO THS TSN
• Afternoon: ADUS ADTN ACM AL ATSG AXON BRBR BCC BYON BWXT CBT COHR COTY DOOR EVER FN FIS FMC GBDC GT HIMS IFF  JELD JJSF LCID LITE VAC MTTR MCHP MWA NHI NE OGS OTTR PLTR PAY PLYA PRAA PRI PRA O RRX RKLB RXST SAFE SWAV SPG SYM SNCY TALO TDC AAN TVTX TBI UCTT VRNS VRTX VMEO VNO WMB ZETA 

Tuesday (May 7)

• Morning: AHCO APLS ARMK ATKR AVNT BAND BLD BLDR BLMN BP BSY CEIX CELH CROX DDOG DIS  DK DORM DUK EHTH ENR ERJ EVGO EXPD FTRE FWRG GFS GOGO GOLF GTN HLMN HR HSIC IONS ITCI J JMIA KLG  KNF KVUE MD MDGL MKTX NJR NOVT NPO NRG OSCR PINC PRGO PTLO ROK RYTM SCSC SGRY SPR SQSP SRE TDG TPX TWKS VVX  WAT WOW 
• Afternoon: ABCL ADPT AGL AGO AIZ ALAB ALGT ALTM AMRC ANDE ANET ANGI AOSL ASTH ATEC AWR AZPN BBDC BHF BIO BL BROS BRP CDRE CERT CFLT CHRD CPNG CRC CRSR CRUS CYRX DEI DH DV EA ENV EOLS FLYW GMED GO GPRO GXO HALO IAC ICHR ICUI INGN INSP INTA IPAR IRBT JKHY JOBY KD KTOS LAZR LGND LOPE LPRO LYFT LZ MASI MCK MGY MLNK MQ MRCY MTCH MTW MYGN NRDY NVRO ODD OLO OVV OXY PCRX PEN POWI PR PRO PUBM PWSC QLYS RDDT RDFN RGR RIVN  RNG RPD RRR RVLV SHLS SONO SPCE STAA SWIM TMCI TOST TRIP TWLO UIS UPST USPH VCYT VECO VTEX WYNN ZI

Wednesday (May 8)

• Morning: ACMR AFRM ALIT ASC ATHM AVDL AVDX BCO BR BUD CHH CLVT DIBS DIN DINO EDIT ELAN EMR EPC EVRI EYE FOXA FREY GENI GFF HAIN HLLY IMXI INGR INSW KMT KRNT LCII LPX MCFT MIDD NFE NI NYT ODP PAYO PERI PFGC PRKS RCM RDWR REYN SATS  SHOP SMRT SNDX SPNS STWD SUN SWX TBLA TEVA TGNA TPG UBER VCEL VERX VRDN VSH VVV WWW YOU
• Afternoon: ABNB ACAD ACVA AMC APP ARM ASLE ATO AZEK AZTA BGS BKH BMBL BYND CAKE CART CDLX CE COOK CPAY CPK CXT CXW CYTK DOX DUOL ECPG EGHT ESTA ET EXAS FLNC FNF FSK FWRD GNK HL HLI HLIO HMN HOOD HPK HUBS IIPR INST IONQ JAMF JRVR JXN KGS KNTK KVYO KW KYTX LESL LNW METC MGNI MKSI MMS MNKD MODG MRC MRVI NUS NWSA ORA OSUR PETQ PRIM PRTA PYCR QDEL QNST RCUS RDNT RGLD RGNX RUN RVMD SBGI SBRA SEDG SITM SLF STE STKL STR SUPN TKO TTD TTEC VSTO VTLE VZIO WES WTS ZD

Thursday (May 9) 

• Morning: AHH ALE ALGM BERY BIGC CAMT CARS CCOI CEG CEVA CRL CRNC CSIQ CWEN DNUT EDR EMBC EPAM EVRG FA FOLD FOUR FVRR GDRX H HAE HBI HGV HIMX IBP IMOS INSM IRWD JBI LFST MPW MRSN MSGE NABL NOMD NTCT NTLA NVMI NXST PAR PLNT PLTK PLUG PRVA PZZA RBLX SBH SIX SN SPB STNG STVN TGLS TNK TPR TSEM USFD VTRS VYX WBD WMG WRBY XMTR YETI
• Afternoon: AAOI ADMA AKAM ALRM AMN AMPL ARLO ARRY ARWR AVPT BE BLNK BW CARG CDNA CHUY CLNE CLSK COLD COLL CRNX DBX DIOD ESE EVCM EVH EXFY FIGS FNKO FROG G GDOT GEN GH HCAT HRB IAS INDI IOSP IOVA LAW MARA MERC MTD MTUS NTRA NVTS ONTO PACB PGNY PODD RPAY RVNC RXRX RXT SG SKIN SOUN SSP SVV SYNA TREX TTGT U VCTR VTYX WEST XENE YELP ZIP

Friday (May 10)

• Morning: AMCX ANIP CLMT DNOW DOCN ROAD SLVM
• Afternoon: HE

Trian Fund (Nelson Peltz) discloses updated portfolio positions in 13F filing

Increased DIS position, Lowered WEN FERG holdings

Highlights from Q2 2023 filing as compared to Q1 2023:

• Increased positions in: DIS (to ~6.43 mln shares from ~5.92 mln shares)
• Maintained positions in: IVZ (~33.94 mln shares), JHG (~31.87 mln shares), GE (~4.03 mln shares), GEHC (~1.34 mln shares)
• Decreased positions in: WEN (to ~20.73 mln shares from ~21.71 mln shares), FERG (to ~5.49 mln from ~5.86 mln)

-=Walt Disney reported earnings on Tue 4 Feb 20 (a/h)

 Walt Disney beats by $0.09, reports revs in-line; Disney+ has 26.5 mln subs, which is ahead of estimates; Hulu subs +33% yr/yr

Reports Q1 (Dec) earnings of $1.53 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $1.44; revenues rose 36.3% year/year to $20.86 bln vs the $20.84 bln S&P Capital IQ Consensus.

Disney+ streaming service had 26.5 mln subscribers; ESPN+ had 6.6 mln subs; Hulu subs grow 33% yr/yr to 30.4 mln.

Cable Networks revenues for the quarter increased 20% to $4.8 billion and operating income increased 16% to $862 million. Higher operating income was due to the consolidation of TFCF businesses (primarily the FX and National Geographic networks), partially offset by a decrease at ESPN.

Earnings this week : Feb 3 - 7, 20 (wk 6)

Monday (Feb 3)

• Morning: ACM AMG ABG CTLT CHKP NSSC ON SASIA SYY
• Afternoon: ARE GOOG AFG BECN CBT EZPW FN HLIT HIG HP HXL HLI KMT KRC LEG MTSC NXPI PAHC PCH RBC SSD SXI VVV WWD

Tuesday (Feb 4)

• Morning: ATI AXE ARMK ATKR BDC TECH BP CNC CLX CMCO COP CSWI CTS CMI EXP ETN EMR ENTG AQUA IT HAE HLNE HUBB JHG LHX LANC LII LITE MCK MTG MSGN PBI PINC RL ROLL RCL SPG SIRI SNE TDG VSH GRA WDR WAT ZBH

Mon pm & Tue am (by vol) : https://finviz.com/screener.ashx?v=211&t=ARE,GOOG,AFG,BECN,CBT,EZPW,FN,HLIT,HIG,HP,HXL,HLI,KMT,KRC,LEG,MTSC,NXPI,PAHC,PCH,RBC,SSD,SXI,VVV,WWD,ATI,AXE,ARMK,ATKR,BDC,TECH,BP,CNC,CLX,CMCO,COP,CSWI,CTS,CMI,EXP,ETN,EMR,ENTG,AQUA,IT,HAE,HLNE,HUBB,JHG,LHX,LANC,LII,LITE,MCK,MTG,MSGN,PBI,PINC,RL,ROLL,RCL,SPG,SIRI,SNE,TDG,VSH,GRA,WDR,WAT,ZBH&ta=0&o=-volume

• Afternoon: EGHT ATGE AFL ALL DOX AINV APAM ATO BOOT CDK CERN CMG CB TCS CCK ESE ETH FISV F GTES GNW GILD GL THG HIW IPHI JKHY KLAC KN MANH MTCH MDU MCHP MODN MWA NBIX NEWR OI OLN PCTY CNXN PDM PAA PAGP PLT PWL PRU QGEN RRR RNR SCSC STX SNAP SWI TENB UNM USNA VIAV DIS YRCW ZAYO

Wednesday (Feb 5)

• Morning: ABB AME BMI BSX CPRI CG COTY DTE ENR FSV GM GPI HUM KFRC MHO MCFT MRK NS NVT BTU PAG PFGC SR SPOT SUM TMHC TKR UMC WD
• Afternoon: ADTN AOSL UHAL ANGI AVB ACLS CCMP CENT CDAY CINF CTSH COHR CUZ CSGS CUB DHT ECHO ELF ENS FEYE FLO FMC FORM FOXA GLUU GPRO GRUB HI ICHR IAC IRBT LCI LNC RAMP MTRX MXL MET MC MPWR NTGR NUAN ORLY OHI PAYC PTON QCOM  QNST RDN RYN RGLD SONO SAVE SU TBI TTMI TWLO TWO UGI WERN YUMC ZNGA

Thursday (Feb 6)

• Morning: ABMD WMS AGCO ALNY MT ARCH ARW BLL BCE BDX BGCP BV BCO BMY CAH CDW CI COR DNKN EIGI EL FCAU GLOP GLT HL  EAF HAIN ICE K KEM MAC MMS MPW MDP NRX NYT NGL NJR NOK ODFL PTEN PENN PM PBH PRLB REGN SPGI SNY SNA TPR TGI TWTR TSN USX VSTO WLTW WWE XYL YUM
• Afternoon: TWOU ATVI ASYS BIDU BHE BILL BKH BRKS CSL CCS COLM OFC DLX DXC EGP EGAN ENTA EHC EXPO FLT FSCT FTNT FTV FWRD G HUBG IQ LMAT LGND LFG.A MTW MTD MOBL MSI MYGN NOV NTUS UEPS NWSA NLOK OMCL ONTO PMT PINS POST PRO SGEN SIMO SKX SYNA TTWO TDC TSE UBER VRSN VVI VSAT VRTU VCRA WYNN ZEN

Friday (Feb 7) 

• Morning: ABBV AVTR CAE CCJ CBOE CNHI GOOS ROAD UFS FE GRC HMC

-=Walt Disney (DIS) unveiling direct-to-consumer (DTC) strategy with Disney+ at Investor Day

• The Walt Disney Co. on Thursday gave the investor community its first look at direct-to-consumer streaming service Disney+, and it seems the Mickey Mouse gloves are coming off in the fight against streaming leader Netflix. The DTC product will go live in the U.S. on Nov. 12 for $6.99 per month, or about half what consumers pay for a standard Netflix streaming package and $2 cheaper than the going rate for Amazon Prime Video. 

Walt Disney breaking out to all-time high after unveiling direct-to-consumer (DTC) strategy with Disney+ at Investor Day
Investors cheer direct-to-consumer offering from the dominant leader in high-quality content

• Disney+ Set to Launch in U.S. Market on November 12 at $6.99/month, or $69.99/year
  • That undercuts Netflix (NFLX -1%) quite substantially and was below some estimates but in-line with others as the company focuses on sub growth
• Service to Offer New Originals and Unparalleled Library Offerings from Disney, Pixar, Star Wars, Marvel Studios, and National Geographic, as well as "The Simpsons" and 20th Century Fox Titles "The Sound of Music," "The Princess Bride," and "Malcolm in the Middle"
• Sees 60-90 mln Disney+ subs by FY24
• Sees operating losses for Disney+ peaking between FY20-22, profitable by FY24, spending $2b in cash a year on content for the service by FY24.
• Mr. Iger reiterated he will retire when his contract expires at the end of FY21
• Analysts are largely positive on the stock in response this morning.

=Walt Disney (DIS) reported earnings on Tue 10 May 2016 (a/h)

Walt Disney misses by $0.04, misses on revs :

• Reports Q2 (Mar) earnings of $1.36 per share, $0.04 worse than the Capital IQ Consensus of $1.40; revenues rose 4.1% year/year to $12.97 bln vs the $13.2 bln Capital IQ Consensus.
  • First earnings miss since 2Q11; third sales miss in last four quarters.
• Cable Networks revenues for the quarter decreased 2% to $4.0 billion and operating income increased 12% to $2.0 billion due to an increase at ESPN, partially offset by lower equity income from A&E. The increase at ESPN was due to the benefit of lower programming costs and higher affiliate revenues, partially offset by a decrease in advertising revenue. Results for the quarter benefited from the timing of our fiscal quarter end relative to when College Football Playoff (CFP) bowl games were played, which resulted in a decrease in programming costs and advertising revenue. Affiliate revenue growth was due to contractual rate increases, partially offset by a decline in subscribers. Lower advertising revenue was due to lower ratings and rates, which were negatively impacted by the timing of CFP bowl games, partially offset by higher units sold.
• Broadcasting revenues for the quarter increased 3% to $1.8 billion and operating income decreased 8% to $278 million due to lower operating income from program sales and higher programming and marketing costs, partially offset by advertising and affiliate revenue growth.
• Parks and Resorts revenues for the quarter increased 4% to $3.9 billion and segment operating income increased 10% to $624 million. Operating income growth for the quarter was due to an increase at our domestic operations, partially offset by a decrease at our international operations.
• Studio Entertainment revenues for the quarter increased 22% to $2.1 billion and segment operating income increased 27% to $542 million. Higher operating income was due to an increase in theatrical distribution results and growth in TV/SVOD distribution, partially offset by the impact of foreign currency translation due to the strengthening of the U.S. dollar against major currencies, decreased home entertainment results and higher film cost impairments.
• Consumer Products & Interactive Media revenues for the quarter decreased 2% to $1.2 billion and segment operating income decreased 8% to $357 million.

Disney (DIS) reported 4Q earnings on Tue 9 Feb 2016 (a/h)

** charts before earnings **

 

** charts after earnings **

 

** 1 week later **

The company's top and bottom-line beat was being outshined by continued pessimism regarding the company's ESPN component. Disney also received several downgrades this morning with its price target lowered to $118 from $120 at JP Morgan.