Disney Slips To Q2 Loss, Adj. EPS Beats View; Lifts FY24 Growth Target; Stock Dips In Pre-market

(RTTNews) - Walt Disney Co. (DIS) reported Tuesday a loss in its second quarter despite higher revenues. Adjusted earnings, however, topped market estimates, and the company raised the adjusted earnings growth target for fiscal 2024.

In pre-market activity on the NYSE, Disney shares were losing around 4.8 percent to trade at $110.86.

The company now expects fiscal 2024 adjusted earnings per share to grow 25% from the prior year. While announcing the first-quarter results in February, the company expected adjusted earnings per share would grow at least 20% year-over-year.

In its second quarter, Disney's loss was $20 million, compared to prior year's profit of $1.27 billion due to goodwill impairments. Loss per share was $0.01, compared to profit of $0.69 in the same period last year.

Adjusted earnings were $2.48 billion or $1.21 per share for the period, compared to $0.93 last year. Analysts on average expected the company to report earnings of $1.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $22.08 billion from $21.82 billion in the same period last year. The Street was looking for revenues of $20.53 billion.

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