Investopedia: Disney Does It Again

As I said in my last write-up of Disney (NYSE:DIS), there's an element of predictable unpredictability to this company and that came through again this quarter. Like so many other consumer-oriented stocks, though, Disney has been on an absolute tear – more than doubling the performance of the S&P 500 over the past year. While I wouldn't worry about that if I were a long-term holder of Disney (and still planning on being one), valuation is making it appear as though there's a housing bubble for the House of the Mouse.

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Investopedia: Disney Has A Stable Of Horses To Ride

While the quality of global entertainment and media giant Walt Disney (NYSE:DIS) is generally taken as a given, the company has always been a little more erratic in terms of margins, cash flows and returns on capital than most companies of its size and reputation. These variances are largely a byproduct of the nature of the business (particularly hit movies), but they can still create opportunities for investors. Disney seldom gets very cheap, and the company has multiple levers to improve results over the coming years. But investors should keep their eyes open for a chance to pick up shares should the stock stumble on transitory bad news.

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Investopedia: Disney And The Rich Getting Richer

Amidst all the tumult over oil prices, new highs in copper, soaring grain and a global industrial recovery, a giant has quietly gone about its business of hoovering out more dollars from people's wallets. As consumers are reopening their wallets, and consumer goods companies rush to convince them to spend on their products, Disney (NYSE:DIS) is delivering some impressive results. 

A Good Open to the Year 

For its fiscal first quarter, Disney reported that revenue had risen 10% to nearly $11 billion. Within that figure, the TV business saw 11% growth, theme parks and resorts grew 8%, and creative content (movies, etc.) grew 6% as 24% growth in license revenue offset flattish movie results. Drilling even deeper, ESPN ads were up a startling 34% as this leading cable network continues to serve an apparently bottomless appetite for sports. While traffic at the theme parks and resorts seemed a bit soft, the spending per attendant was quite strong and bookings for the second quarter seemed alright. (For related reading, check out 4 Non-Cyclical Growth Stocks Increasing Dividends.)

Going down the line, it's hard to complain about the company's profitability. Overall earnings before interest and taxes jumped 39%, with the TV business doing even better (up 47%). All in all, Disney improved its operating margin by almost four full points, a pretty remarkable result.

The Road Ahead 

Looking out into 2011, it would seem that Disney has the wind at its back. The company's ABC network is not really lighting it up in terms of ratings, but Disney seems to have found a workable solution for the time being in cutting production costs. Moreover, ratings success is fickle and unpredictable; it was not that long ago that CBS (NYSE:CBS) was a basket case. In the meantime, ESPN and the Disney Channel are crown jewels that draw millions of viewers every night - though some may be surprised to know that NBC Universal's (co-owned by Comcast (Nasdaq:CMCSA) and General Electric (NYSE:GE)) USA Network is actually the number one cable network. 

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Looking Glass Reveals Better Results At Disney

Give Disney (NYSE: DIS) credit. One way or another, the company will get eyeballs on its content. In addition to owning one of the four major broadcast networks (ABC) and the preeminent sports network (ESPN), the media and entertainment giant operates other cable channels, runs a host of resorts and parks, and constantly pushes new content out through movies and products. In other words, unless somebody lives in North Korea or a mineshaft, they will see Disney and probably see it often. (For more, see Walt Disney's Valuable Content.)

A Goofy Quarter
Disney may be ubiquitous, but that does not mean that growth comes easy. Revenue was down 1% in the company's fiscal fourth quarter. Reported network revenue was down 7%, and park/resort revenue was down 1%, while entertainment and products were up 6% and 13%, respectively. To give Disney a bit more credit, though, it is important to remember that results can be lumpy - overall second-half revenue was up a more encouraging 7%. 


What made this quarter "goofy" was a host of charges and adjustments; normal in the course of business for a company like Disney (where writing down the value of content is a cost of doing business), but nevertheless confusing to some investors who do not live and breathe accounting arcana. To that end, adjusted segment operating income was up 1%, with the network and park/resort business lagging and entertainment and products doing well.

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