BURBANK, Calif. — (BUSINESS WIRE) — May 9, 2017 — The Walt Disney Company (NYSE: DIS) today reported quarterly earnings for its second fiscal quarter ended April 1, 2017. Diluted earnings per share (EPS) for the quarter increased 15% to $1.50 from $1.30 in the prior-year quarter. Excluding certain items affecting comparability(1), EPS for the quarter increased 10% to $1.50 from $1.36 in the prior-year quarter. EPS for the six months ended April 1, 2017 increased to $3.05 from $3.04 in the prior-year period. Excluding certain items affecting comparability(1), EPS for the six months increased 2%.
“Disney delivered another quarter of double-digit EPS growth, driven by the strong performance of our Studio and Parks and Resorts,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “Our continued strong performance is a direct result of our proven strategic focus on great branded content, innovative technology and global growth. We’re pleased with our results in Q2 and remain confident in our ability to continue to deliver significant shareholder value over the long term.”
The following table summarizes the second quarter and six-month results for fiscal 2017 and 2016 (in millions, except per share amounts):
| Quarter Ended | Six Months Ended | ||||||||||||||||||||||
| April 1, | April 2, | April 1, | April 2, | ||||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||
| Revenues | $ | 13,336 | $ | 12,969 | 3 | % | $ | 28,120 | $ | 28,213 |
-- |
% |
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|
Segment operating income (1) |
$ | 3,996 | $ | 3,822 | 5 | % | $ | 7,952 | $ | 8,089 | (2 | )% | |||||||||||
| Net income (2)(3) | $ | 2,388 | $ | 2,143 | 11 | % | $ | 4,867 | $ | 5,023 | (3 | )% | |||||||||||
| Diluted EPS (2)(3) | $ | 1.50 | $ | 1.30 | 15 | % | $ | 3.05 | $ | 3.04 |
-- |
% |
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| EPS excluding certain items affecting comparability (1)(3) | $ | 1.50 | $ | 1.36 | 10 | % | $ | 3.05 | $ | 3.00 | 2 | % | |||||||||||
| Cash provided by operations | $ | 3,438 | $ | 3,529 | (3 | )% | $ | 4,698 | $ | 5,985 | (22 | )% | |||||||||||
| Free cash flow (1) | $ | 2,555 | $ | 2,379 | 7 | % | $ | 2,775 | $ | 3,429 | (19 | )% | |||||||||||
|
(1) |
EPS excluding certain items affecting comparability, segment operating income and free cash flow are non-GAAP financial measures. See the discussion on pages 7 through 9. | |
|
(2) |
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling interests. | |
|
(3) |
Includes an income tax benefit related to the adoption of new accounting rules for the tax effects of employee share-based awards (see further discussion under Income Taxes on page 5). | |
