Walt Disney Company posted its financial results for Q4 2013 but shares of the company slipped as profits for ESPN declined.
The company announced net income of $1.39 billion, or 77 cents per share, for the quarter ended September 28. The figure grew by 12 percent when compared to Q4 2012 net income of $1.24 billion, or 68 cents per share. Revenue for Walt Disney grew 7 percent to $11.57 billion.
The results beat Wall Street estimations as analysts predicted net profit of 76 cents per share and revenue of $11.4 billion for the quarter.
"We're extremely pleased with our results for Fiscal 2013, delivering record revenue, net income and earnings per share for the third year in a row," said Robert A. Iger, Chairman and CEO, The Walt Disney Company. "It was another great year for the Company, both creatively and financially, and we remain confident that we are well positioned to continue our strong performance and drive long-term shareholder value."
Even though the overall net income and revenue for Walt Disney surged during Q4 2013, the company reported a drop in profits for ESPN. The company announced that operating income at its cable network unit, which also includes ESPN sports channel, declined by 7 percent to $1.3 billion in Q4 2013. The pay sports channels came across fresh challenge from Rupert Murdoch's new Fox Sports 1.
Increased spending by visitors at Disney theme parks in California and Florida, however, contributed to an increase in operating income of theme parks and resorts by 15 percent to $571 million.
Disney merchandize also contributed towards the overall profit of the company. The company announced consumer products revenue grew 14 percent to $1 billion during the quarter and broadcasting revenue from its Disney's ABC network also rose by 2 percent to $1.37 billion when compared to Q4 2012.
Shares of the company went down by $1.16, or 1.7 percent, to $65.99 in the after-hours of trading on November 7. On Friday, the shares closed at $68.58, up 2.13 percent.
