Disney Earnings Beat Expectations

The entertainment giant reported earnings per share, excluding certain items, of $0.89 against expectations for $0.88.

Revenue totaled $12.38 billion against expectations for $12.37 billion.

In a release, Disney said the increase in diluted EPS was, "due to improved performance at all of our operating segments, a decrease in the weighted average shares outstanding as a result of our share repurchase program and higher investment gains."

In the fourth quarter, operating income in Disney's cable networks unit fell $10 million, which Disney said was attributable to higher programming costs at ESPN which was partially offset by affiliate revenue and ad revenue.

More to come ...