Disney reports quarterly net income of $2.94 billion

Results surpass Wall Street expectations

Mickey Mouse.

ORLANDO, Fla. – The Walt Disney Co. on Tuesday reported a fiscal second-quarter profit of $2.94 billion.

On a per-share basis, the Burbank, California-based company said it had net income of $1.95. Earnings, adjusted for one-time gains and costs, were $1.84 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.

The entertainment company posted revenue of $14.55 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $14.23 billion.

Disney shares have declined 5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $101.90, a decrease of 8.5 percent in the last 12 months.