The Walt Disney Company (NYSE: DIS) today reported quarterly earnings for its third fiscal quarter ended July 1, 2017. Diluted earnings per share (EPS) for the quarter decreased 5% to $1.51 from $1.59 in the prior-year quarter. Excluding certain items affecting comparability(1), EPS for the quarter decreased 2% to $1.58 from $1.62 in the prior-year quarter. Diluted EPS for the nine months ended July 1, 2017 decreased to $4.55 from $4.63. Excluding certain items affecting comparability(1), EPS for the nine months increased to $4.63 from $4.61.
“Today we announced a strategic shift in the way we distribute our content. The media landscape is increasingly defined by direct relationships between content creators and consumers, and our control of BAMTech’s full array of innovative technology will give us the power to forge those connections, along with the flexibility to quickly adapt to shifts in the market,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the Company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands.”
“Our results for the quarter reflect the underlying strength of our brands and franchises, and our continued investment in high-quality content. Our ability to successfully execute on our core strategy, coupled with our plans for new direct-to-consumer offerings, give us continued confidence in our ability to drive shareholder value,” said Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company.
The following table summarizes the third quarter and nine-month results for fiscal 2017 and 2016 (in millions, except per share amounts):
