Disney Income Drops 69% And EPS Plummets In Earnings
The Walt Disney Company today reported some very disenchanting numbers in its second quarter 2024 financial results on May 7th, compared with the previous quarter and also the previous year.
Where the business did see profits, they were grown heavily by the company’s theme parks and other ‘Experiences’ businesses, in the face of dwindling numbers from Disney’s streaming and Entertainment segments.
The financial results
Among other results, the company reported $657 million in income (before income taxes), a decrease of 69% year-on-year (YOY).
Revenues for the quarter stood at $22 billion, a decrease year-on-year from the previous Q2, but a quarterly 1%.
In some welcome good news, total segment operating income figures for the quarter stood at $3.8 billion, an increase of 17% YoY.
Meanwhile, Disney’s (DIS) free cash flow for Q2 also increased by 21%, from $1.98 billion in 2023 to $2.4 billion YoY.
An EPS nosedive
The earnings per share for Q2 were a paltry $0.01, compared with the previous quarter’s $1,04 per share for Q1, a significant decrease.
According to Disney, this disappointing EPS, a loss of $0.01 for the current quarter compared to income of $0.69 in the prior-year quarter, decreased due to “a nominal loss due to goodwill impairments in the quarter, partially offset by higher operating income at Entertainment and Experiences.
Previous results
Disney’s Q1 2024 earnings showed largely positive results, including:
- Income before income taxes of $2.8 billion, a significant increase of 62%
- $23.5 billion in revenues, essentially flat YoY
- EPS of $1.22 per share, up from $0.99 in Q1 2023
- Total segment operating income of $3.8 billion, a 27% increase YoY
Compared to these Q1 2024 earnings, Disney has had a less-than-enchanting set of results today.
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