Disney beats expectations

The Walt Disney Co. found strength in its movie studio and theme parks, boosting earnings past Wall Street expectations.

The media company said Tuesday that second-quarter profit rose 23 percent, to $2.94 billion ($1.95 per share) from $2.39 billion ($1.50) a year ago. Excluding one-time items such as a benefit from the federal tax overhaul, net income was $1.84 per share. Wall Street had expected $1.68.

Helped by “Black Panther,” which has generated more than $1.3 billion in worldwide ticket sales, Disney revenue rose 9 percent, to $14.5 billion from $13.3 billion a year ago. Analysts had forecast $14.2 billion in revenue.

Disney’s earnings also were bolstered by its theme parks, which saw attendance climb in a seasonally slow quarter. Higher ticket prices and new attractions — in addition to an early Easter holiday — helped fuel that business.

As conventional cable subscriptions have declined, Disney is looking for other revenue sources. It introduced ESPN Plus, a $5-a-month sports streaming service, and it signed a deal with Twitter to create Marvel, ABC and ESPN content on that service. Meanwhile, Disney is trying to buy much of 21st Century Fox, including the Fox television network and movie franchises including X-Men.

It is also working on an entertainment streaming service with classic and new movies from the Disney studio, shows from Disney Channel, and the “Star Wars,” Marvel and Pixar movies. That service is expected to arrive in late 2019 and will include movies leaving Netflix once its deal with Disney expires.