Disney 3Q profit increases 22 percent, beats estimate

MarketsAssociated Press

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.

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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.