Walt Disney Co.’s Parks and Resorts division continues to be a bright light in the company’s portfolio, as revenue and income recorded continued growth thanks to higher prices and attendance at the theme parks.
“I'm very pleased with recent attendance and pricing trends,” Disney CEO Bob Iger said on the company’s first-quarter earnings call.
Parks and Resorts reported a 10% increase in revenue to $3.2 billion for the quarter ended Dec. 31, up from $2.9 billion the year before.
Operating income for the division increased 18%, to $553 million, up from $468 million.
The income jump was attributed to higher guest spending and attendance at the domestic parks and higher passenger cruise days on the Disney Dream.
Attendance at the domestic parks was up 3% and per capita spending was up 8% for the quarter, due to higher ticket prices and food and beverage spending, CFO Jay Rasulo said.
A reduction of promotions at Walt Disney World and Disneyland hotels helped boost per-room spending 6%, even though occupancy was flat.
Iger noted that 2012 highlights include the Disney Fantasy cruise ship launch at the end of the second quarter, construction of the 963-acre Shanghai Disney Resort, and the unveiling of the 12-acre Cars Land at Disneyland Resort’s California Adventure in June.
Walt Disney Co. reported a 12% gain in income for the quarter, to $1.5 billion, up from $1.3 billion. The company’s revenue inched up 1% to $10.8 billion, up from $10.7 billion.
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