On Wednesday, Shares of The Walt Disney Company (NYSE:DIS), lost -9.17% to $110.53.
The Walt Disney Company stated record quarterly earnings of $2.5 billion for its third fiscal quarter ended June 27, 2015 contrast to $2.2 billion for the preceding-year quarter. Diluted earnings per share (EPS) for the third quarter raised 13% to $1.45 from $1.28 in the preceding-year quarter. EPS for the nine months ended June 27, 2015 raised 16% to $3.95 from $3.40 in the preceding-year period. Not taking into account certain items affecting comparability, EPS for the nine months raised 15%.
Cable Networks
Operating income at Cable Networks raised 7% to $2.1 billion for the quarter due to growth at the domestic Disney Channels, ABC Family and ESPN.
The enhances at the domestic Disney Channels and ABC Family were due to higher program sales and raised associate revenue, driven by contractual rate enhances. Program sales growth reflected raised subscription video on demand (SVOD) distribution revenues in the current quarter.
Operating results at ESPN were driven by growth in associate revenue, partially offset by lower advertising revenue. The enhance in associate revenues was due to contractual rate enhances and an enhance in subscribers. The enhance in subscribers was due to the new SEC Network launched in August 2014, partially offset by a decline in subscribers at certain of our networks. The impact of contractual rates and subscribers on associate revenue was partially offset by a decrease due to the recognition of $176 million of formerly deferred revenue in the preceding-year quarter related to annual programming commitments. As a result of changes in contractual provisions, ESPN did not recognize any deferred revenue in the current quarter. Lower advertising revenues reflected lower ratings and rates, partially offset by more units sold driven by NBA playoff games. Lower rates reflected the benefit of World Cup soccer in the preceding-year quarter. ESPN programming and production costs were relatively flat in the quarter as the addition of the SEC Network and higher rights costs for NBA programming were essentially offset by the absence of rights costs for NASCAR and World Cup soccer.
The Walt Disney Company, together with its auxiliaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive.
Shares of Spectra Energy Corp. (NYSE:SE), declined -0.03% to $28.96, during its last trading session.
Spectra Energy Corp, stated second quarter 2015 distributable cash flow (DCF) of $321 million, contrast with $239 million in the preceding-year quarter. Distributions per limited partner unit for second quarter 2015 were $0.61375, contrast with $0.56625 per limited partner unit in second quarter 2014.
For the quarter, earnings before interest, taxes, depreciation and amortization (EBITDA) were $456 million, contrast with $353 million in the preceding-year quarter.
Net income from controlling interests was $307 million for second quarter 2015, contrast with $215 million in second quarter 2014.
Spectra Energy Corp, through its auxiliaries, owns and operates a portfolio of natural gas-related energy assets in North America. The company’s Spectra Energy Partners segment engages in the transmission, storage, and gathering of natural gas, in addition to transportation and storage of crude oil and natural gas liquids (NGLs) for customers in various regions of the midwestern, northeastern, and southeastern United States and Canada.
Finally, Emerson Electric Co. (NYSE:EMR), ended its last trade with 0.54% gain, and closed at $49.91.
Emerson Electric declared that net sales in the third quarter ended June 30, 2015 were down 13 percent, with underlying sales down 5 percent not taking into account unfavorable currency translation of 5 percent and an impact from divestitures of 3 percent. The Company continues to face headwinds from a global slowdown in spending that were initially apparent in January orders. Third quarter sales reflected the impact of lower oil prices in both oil and gas and energy-related markets, the continued strength of the U.S. dollar, and slowing conditions in emerging markets. Global demand was mostly down with the Middle East/Africa region being the exception, up 3 percent. The U.S. was down 7 percent, Europe was down 2 percent, Asia down 7 percent, and Latin America down 10 percent. Commercial & Residential Solutions was the only segment with positive underlying sales growth, benefiting from favorable trends in U.S. construction.
Profitability declined, reflecting volume deleverage, unfavorable mix, the impact of the stronger U.S. dollar on operations and raised restructuring expense. Earnings per share for the quarter were $0.84, a decrease of 18 percent. With the expectation that current market conditions will remain difficult, the Company is focused on items within its control, as its businesses execute their restructuring programs over the remainder of fiscal 2015. Restructuring for the first nine months of the fiscal year totaled $89 million and full-year restructuring is now predictable to be in the range of $160 to $180 million. Operating cash flow declined 51 percent, due to lower operating results and taxes paid on the gain from the divestiture of the power transmission solutions business.
Emerson Electric Co. provides technology and engineering solutions to industrial, commercial, and consumer markets worldwide. It operates through five segments: Process Administration, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions.
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