Revenue from cinema hits including “Black Panther” and “Star Wars: The Last Jedi” drove record profits at Walt Disney Co. for the fiscal year as the media conglomerate worked to complete its purchase of 21st Century Fox assets.
Total sales grew 19 percent to nearly $10 billion at the Burbank, Calif.-based company in the 12 months through Sept. 30. Net income increased 40 percent to $12.6 billion, or $8.36 per share, while overall revenue grew 8 percent to $59.4 billion.
In the fourth quarter, revenues grew 12 percent to $14.3 billion, buoyed by a 50 percent rise in film revenue to $2.1 billion. Profits rose 33 percent to $2.3 billion, or $1.55 per share, higher than what analysts expected.
Disney remains focused on its Fox acquisitions and “the further development of our direct-to-consumer business,” which includes an online video-streaming service, Chief Executive Officer Robert Iger said in a statement.
As part of the $71.3 billion transaction, Disney will gain control of Fox properties including the 20th Century Fox film studio and a stake in streaming-service Hulu. Fox will retain its news operations.
Disney’s stock rose 1.5 percent to $117.70 in after-hours trading in New York.
