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随着公司超出盈利预期、股价飙升,迪斯尼乐园业务重新振作

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  发表于 Feb 10, 2022 13:00:32 | 只看该作者 回帖奖励 |倒序浏览 |阅读模式

Disney parks business roars back as company beats earnings expectations, stock soars

Disney reported earnings for its fiscal first quarter Wednesday that beat analyst estimates on earnings per share and revenue.

The stock popped about 8% in extended trading on the news.

Here are the results.

Earnings per share: $1.06 adj. vs 63 cents expected, according to a Refinitiv survey of analysts

Revenue: $21.82 billion vs $20.91 billion expected, according to Refinitiv

Disney+ total subscriptions: 129.8 million vs 125.75 million expected, according to StreetAccount

Strong streaming numbers

Disney+ subscriptions beat estimates, even as executives previously said they expect subscriber growth for Disney+ to be stronger in the second half of the year compared to the first, with original content being released on the platform in Q4 2022.

The subscriber number includes nearly 12 million Disney+ subscriptions added in the first quarter. The service also saw average revenue per user (ARPU) in the U.S. and Canada grow to $6.68 per month from $5.80 a year ago.

CFO Christine McCarthy said on the company's earnings call that Disney expects to spend significantly on streaming in the second quarter. She said the company expects programing and production expenses for the direct to consumer business to increase by about $800 million to $1 billion, including programing fees for Hulu live. They expect those expenses for linear to increase by about $500 million, in part due to pandemic-related timing shifts.

McCarthy said the company is not at a point of steady expenses for Disney+, but said they “expect to have made significant progress by fiscal 2023.”

In an interview with CNBC's Julia Boorstin, CEO Bob Chapek said Disney is bidding for NFL Sunday Ticket, diving even deeper into streaming.

Though Netflix shares fell during its most recent report when it showed slowing subscriber growth, Chapek reiterated guidance of 230 million to 260 million Disney+ subscribers by 2024.

On the company's call with analysts, Chapek indicated releases on Disney+ could continue to be an important distribution channel for its original content.

“We do not subscribe to the belief that theatrical distribution is the only way to build a Disney franchise,” he said, pointing to the success of its recent hit, “Encanto.”

Parks business roars back

Disney's parks, experiences and consumer products division saw revenues reach $7.2 billion during the quarter, double the $3.6 billion it generated in the prior-year quarter. The segment saw operating results jump to $2.5 billion compared to a loss of $100 million in the same period last year.

Disney said the growth in revenue came as more guests attended its theme parks, stayed in its branded hotels and booked cruises.

McCarthy noted that Disney's domestic parks, particularly its Florida-based locations, have yet to see a significant return in ticket sales from international travelers, which pre-pandemic accounted for 18% to 20% of guests.

The company's consumer products business saw revenue fall 8.5% to $1.5 billion following the closure of a substantial portion of its Disney-branded retail stores during the second half of 2021.

During the most recent quarter, Disney's domestic parks operated with fewer Covid-19 capacity restrictions. However, international locations continue to be impacted by mandatory capacity and travel restrictions, the company said.

Additionally, although Disney's television and film productions have resumed, it is still experiencing disruptions in its pipeline. While the studio's theatrical releases were among the top performing films of the year, the domestic box office still has not fully recovered from the pandemic. Income from Disney's co-production of the Marvel Cinematic Universe film “Spider-Man: No Way Home” with Sony offset losses on other titles released during the quarter, which were unable to overcome significant marketing and production costs.

迪士尼周三公布了其第一财季的收益,超过了分析师对每股收益和收入的预期。

消息传出后,该股在延长交易中上涨了约 8%。

这是结果。

每股收益:1.06 美元调整后。 Refinitiv 对分析师的调查显示,预期为 63 美分

根据 Refinitiv 的数据,收入:218.2 亿美元,而预期为 209.1 亿美元

根据 StreetAccount 的数据,Disney+ 总订阅量:1.298 亿,而预期为 1.2575 亿

强大的流媒体数字

迪士尼+ 的订阅量超出预期,尽管高管们此前曾表示,他们预计迪士尼+ 的订户增长在今年下半年将比上半年强劲,原创内容将于 2022 年第四季度在平台上发布。

订阅者数量包括第一季度增加的近 1200 万迪士尼+订阅。该服务在美国和加拿大的每用户平均收入 (ARPU) 也从一年前的 5.80 美元增长到每月 6.68 美元。

首席财务官克里斯汀麦卡锡在公司的财报电话会议上表示,迪士尼预计第二季度将在流媒体上投入大量资金。她表示,该公司预计直接面向消费者业务的节目和制作费用将增加约 8 亿至 10 亿美元,其中包括 Hulu 直播的节目费用。他们预计线性的这些费用将增加约 5 亿美元,部分原因是与大流行相关的时间变化。

麦卡锡表示,该公司的 Disney+ 支出尚未达到稳定水平,但表示他们“预计到 2023 财年将取得重大进展”。

在接受 CNBC Julia Boorstin 采访时,首席执行官 Bob Chapek 表示,迪士尼正在竞标 NFL Sunday Ticket,更深入地涉足流媒体领域。

尽管 Netflix 在其最近的报告中显示订户增长放缓时股价下跌,但 Chapek 重申到 2024 年迪士尼+ 订户将达到 2.3 亿至 2.6 亿的指导。

在公司与分析师的电话会议上,Chapek 表示在 Disney+ 上发布的内容可能继续成为其原创内容的重要分发渠道。

“我们不认同院线发行是建立迪士尼特许经营权的唯一途径的信念,”他说,并指出其最近的热播剧《Encanto》取得了成功。

公园业务回暖

迪士尼乐园、体验和消费品部门在本季度的收入达到 72 亿美元,是去年同期 36 亿美元的两倍。该部门的经营业绩跃升至 25 亿美元,而去年同期亏损 1 亿美元。

迪士尼表示,收入的增长来自于更多客人参观其主题公园、入住其品牌酒店和预订游轮。

麦卡锡指出,迪士尼的国内乐园,尤其是其位于佛罗里达州的乐园,尚未从国际游客那里看到门票销售的显着回报,而在大流行前,这些游客占游客的 18% 20%。

2021 年下半年关闭大部分迪士尼品牌零售店后,该公司的消费品业务收入下降 8.5% 15 亿美元。

在最近一个季度,迪士尼的国内公园在 Covid-19 容量限制的情况下运营较少。然而,该公司表示,国际地点继续受到强制性容量和旅行限制的影响。

此外,尽管迪士尼的电视和电影制作已经恢复,但它的管道仍在经历中断。虽然该工作室的院线上映是当年表现最好的电影之一,但国内票房仍未完全从疫情中恢复过来。迪士尼与索尼共同制作漫威电影宇宙电影《蜘蛛侠:无路可归》的收入抵消了本季度发行的其他影片的亏损,这些影片无法克服巨大的营销和制作成本。

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