Walt Disney (NYSE:DIS) Fiscal Q3 Results Reflect ‘Healthy’ Parks’ Segment Growth Morgan Stanley Says
Walt Disney (NYSE:DIS) fiscal Q3 results show the overall Parks and Experiences segment growth remains ‘healthy’ and the company is taking key measures to boost the earnings power of its underearning media assets, Morgan Stanley said in a note to clients Thursday. The media and entertainment company reported late Wednesday adjusted earnings fell to $1.03 per diluted share from $1.09 a year earlier, while revenue for the quarter ended July 1 grew to $22.33 billion from $21.50 billion a year earlier. The analysts said Disney Parks, Experiences and Products, or DPEP, which is set to drive consolidated earnings and free cash flow growth for years to come, is a real investment positive while the company’s media assets are under-earning and under-valued at current levels. Disney is planning to materially reduce the level of content for its streaming services currently and on a forward-looking basis, a move that will lower content […]