Business

Disney reports 'record earnings', beating expectations

A scene from Disney's Frozen Image copyright AP
Image caption In addition to strong results from movies like Frozen, Disney's TV network performed well

Entertainment giant Walt Disney has reported record earnings for the last three months of 2013, boosted by higher revenues from its films business.

Net income for the first quarter ending on December 28 beat analysts expectations and rose 33% to $1.84bn (£1.12bn) from a year earlier.

The media and theme park company's box office hits, Frozen and Thor: The Dark World, were the stand out performers.

Disney shares climbed as much as 1.5% in after-hours trading in the US.

Chief executive Robert Iger said the company had enjoyed an "incredibly strong" quarter and that it had seen double-digit increases in operating income in all business segments.

The company's revenue for the quarter surged some 8.5% to $12.31bn.

In addition to strong results from its box office movies, Disney's TV network, which includes ESPN sports channel and ABC broadcast network, also performed well.

"These results reflect the strength of our unprecedented portfolio of brands, a constant focus on creativity and innovation, and the continued success of our long-term strategy," Mr Iger added.

Disney's Frozen, a 3D film, is nominated for two Oscars and won a Golden Globe last month. It has taken more than $864m in box office receipts around the world.

It was also a big winner at the Annie Awards, picking up five prizes including best animated feature.

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