‘Frozen’ drives profits as Disney beats estimates

The Disney Corporation yesterday reported second-quarter profits that beat analysts’ estimates, led by growth at its theme parks and continued sales of Frozen toys in a period that lacked a major movie blockbuster.

Earnings at the world’s largest entertainment company totalled $1.23 a share excluding some items. That compares with the $1.10-a-share average of analyst estimates. Sales rose 7% to $12.5bn (€11.1bn), above the $12.3bn (€10.99bn) projection.

Price increases in California and Florida helped boost profit at Disney’s theme parks by 24%. The company is benefiting from investments made during leaner years to attract guests who are spending more in an improved economy. Frozen merchandise sales drove a 32% rise in consumer-products profit, and bolstered a film unit whose biggest release was Cinderella.