The Festival of Fantasy parade tonight at Disney World is going to have some extra bounce in its step after today’s quarterly earnings report from the House of Mouse.
In no small part due to the return of big crowds to the sprawling Orlando funfair, Disneyland, and Disneyland Paris, the Bob Chapek-led entertainment giant saw profits leap 50% in its Q3 2022 results. Even with continuing pandemic downturn at Shanghai Disney Resort, the Stateside shedding of the funk and blues that hung over Disney’s theme parks over the past two years of Covid-19 seems to be complete with a 72% revenue surge over Q3 2021 results.
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“Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $4.3 billion in the prior-year quarter,” exclaimed today’s Street expectation-shattering report after the market closed. “Segment operating income increased $1.8 billion to $2.2 billion compared to $0.4 billion in the prior-year quarter,” the report added with attendance, occupied room nights and cruise ship sailings all up significantly over Q3 2021 and the past few years. “Higher operating results for the quarter reflected increases at domestic parks and experiences and, to a lesser extent, at international parks and resorts.”
Touting “the introduction of Genie+ and Lightning Lane” at the theme parks and Disneyland Paris being open for the entire quarter, as opposed to a mere 19 days in the equivalent quarter of 2021, the company saved its real White Knight role for the O.G.s. “Our domestic parks and resorts were open for the entire current quarter, whereas Disneyland Resort was open for 65 days of the prior-year quarter, and Walt Disney World Resort operated at reduced capacity in the prior-year quarter,” Wednesday’s report added, seemingly encountering little vexation from increasing inflation.
But Disney indicated the increase in average per capita ticket revenue due to Genie+ and Lightning Lane was “partially offset by an unfavorable attendance mix at Disneyland Resort.” That may be something to watch.
No doubt buoyed by blasting past anticipated results today and with the stock up, ex-theme park unit boss Chapek and other Disney execs are sure to be flying the Disney Parks, Experiences and Products flag on this afternoon’s soon to start call with analysts. Or put it another way, Disney’s 100th anniversary celebration may have unofficially just kicked off.
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