The Walt Disney Company has reported net income of $1.5 billion, or $0.77 per share, on revenues of $10.7 billion for its third fiscal quarter ended June 2, 2011, compared to net income of $1.3 billion, or $0.67 per share, on revenues of $10.0 billion last year.
For the nine-month period, the company reported net income of $3.7 billion, or $1.93 per share, on revenues of $30.5 billion, compared to net income of $3.1 billion, or $1.60 per share, on revenues of $28.3 billion last year.
Segmented into different business groups, the largest revenue and operating income producer was Media Networks with $4.9 billion in revenues and operating income of $2.1 billion.
Parks and Resorts, which includes Disney Cruise Line, was second with revenues of $3.2 billion and operating income of $519 million, compared to $2.8 billion and $477 million last year.
The other segments are Studio Entertainment, Consumer Products and Interactive Media, making up the balance.
According to the company, the increase in its Parks and Resorts segment was driven by increases at domestic parks and resorts, Disney Cruise Line and Hong Kong Disneyland Resort, partially offset by decreases at Disneyland Paris and Tokyo Disney Resort. The decrease in Tokyo was attributed to the temporary closing of the two parks and hotels and a continuing reduction in volume after reopening.
Results at both domestic and international parks and resorts were said to reflect a favorable impact due to a shift in the timing of the Easter holidays relative to the company’s fiscal periods.
Higher operating income at domestic parks and resorts was driven by higher guest spending and, to a lesser extent, attendance, the company said, partially offset by increased costs. Increased guest spending reflected higher average ticket prices, daily hotel room rates and food, beverage and merchandise spending.
Increase costs reflected labor cost inflation, higher pension and healthcare costs, marketing and sales for guest offerings, and expansion costs for Disney California Adventure at Disneyland Resort.
Higher operating income at Disney Cruise Line was attributed to increased passenger cruise days due to the full quarter operation of the Disney Dream, partially offset by related incremental operating costs.