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Disney Earnings Rise on Gains in Media and Parks

The Walt Disney Company saw earnings rise in its third quarter on double-digit income growth in the media networks, parks and resorts and consumer products segments.

 In the media network segment, revenues were up 6%, to $3.8 billion from $3.6 billion a year ago, while operating income was up 23% in the quarter, to $1.06 billion from $1.1 billion a year ago.

 Within the segment, cable network revenues increased 4% to $2.3 billion while operating income was up 9%, to $1.06 billion, on the back of growth at ESPN and domestic Disney-ABC networks.

 Broadcasting revenues were up 9%, to $1.5 billion, while operating income more than doubled to $295 million from $130 million in the year ago quarter. The broadcasting increase came from strong sales of ABC Studios productions, lower programming and production costs and higher advertising revenue at the ABC Television Network.

 Disney’s consolidated revenues were $9.045 billion in its fiscal third quarter, up 7% from $8.474 billion in the third quarter of 2006.

 Income from continuing operations was up 9% in the quarter to $1.196 billion from $1.095 billion in the same quarter last year.

 Net income for the quarter was $1.178 billion, a 5% increase from the year ago period when earnings were $1.125 billion.

 Diluted EPS from continuing operations for Q3 increased 14% to $0.58, compared to $0.51 in Q3 2006.