Stocks to Watch: Disney, J.C. Penney, Toyota
NEW YORK -- Walt Disney's
Disney, the owner of ESPN and ABC, said Tuesday that fiscal second-quarter sales were $10.55 billion, topping estimates of $10.48 billion.
Revenue at Disney's amusement parks and resorts grew 14% to $3.3 billion.
Second-quarter operating income jumped 29% to $2.5 billion as earnings per share for the quarter adjusted for one-time items was 79 cents, compared to forecasts of 77 cents a share.
Operating income at Disney's cable networks, which includes ESPN, rose $224 million to $1.7 billion as affiliate revenue increased 10%. Sales at its media networks, which includes ABC, increased 6% to $5 billion.
The department store retailer said total sales in the quarter dropped to $2.64 billion, down 16.4% from a year earlier.
Analysts expected sales to fall 13% to $2.74 billion for the quarter.
J.C. Penney also said comparable-store sales will decline by about 16.6% for the quarter compared to the same period last year.
The sales decline in the first quarter is partially attributable to construction activities in the home departments in 505 stores, the company said.
Toyota on Wednesday said it expects profit for the year ended next March of 1.37 trillion yen ($13.8 billion), up from 962 billion yen for the year ended March 2013.
The second-largest game maker by revenue forecast fiscal 2014 earnings of $1.20 a share, above the average analyst estimate of $1.10 a share. The company expects full-year revenue of $4 billion, in line with expectations.
For the first quarter, the company expects to post a loss of 62 cents a share on revenue of $450 million; Wall Street is looking for a loss of 32 cents a share on revenue of $619.7 million.
For the fourth quarter, Electronic Arts booked earnings of 55 cents a share on revenue of $1.04 billion, compared with estimates of 57 cents a share on sales of $1.03 billion.
-- Written by Joseph Woelfel
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