The Walt Disney Co. (DIS) on Tuesday reported that third quarter net income increased 22 percent, topping analysts' expectations.
The Burbank, California-based company said net income increased to $2.25 billion, or $1.28 per share, from $1.85 billion, or $1.01 per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.17 per share.
The company said revenue climbed 7.7 percent to $12.47 billion from $11.58 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $12.16 billion, according to Zacks.
Walt Disney shares have risen $10.35, or 14 percent, to $86.75 since the beginning of the year, while the Standard & Poor's 500 index has risen 3.9 percent.