The Walt Disney Company shared in their Q1 2024 earnings report that their overall revenue was $23.55 billion, earning $1.04 per share.
The Walt Disney Company Q1 2024 Earnings
This is a slight increase from Q1 2023, when Disney saw earnings of 99 cents per share on $23.51 billion in revenue. Estimated revenue for this quarter was projected slightly higher at $23.64 billion. Diluted earnings per share (EPS) for the quarter increased $0.70 to $1.04 from the prior-year quarter. Excluding certain items, diluted EPS for the quarter increased to $1.22 from $0.99 in the prior-year quarter.
Disney CEO Bob Iger stated during the last quarter’s call that the company expected to save $7.5 billion total from cost-cutting efforts by the end of fiscal year 2024. As of today’s call, The Walt Disney Company is on track to meet or exceed that target.
Based on the results of the first quarter earnings, Disney expects the full year fiscal 2024 earnings per share excluding certain items to increase by at least 20 percent over 2023, to approximately $4.60. Free cash flow generation in the fiscal year is also expected to total roughly $8 billion.
The earnings report and Wednesday’s earnings call come during the lead-up to what is sure to be an interesting annual shareholders meeting on April 3. Nelson Peltz’s Trian Fund Management group and Blackwells Capital have both put forth nominations for the Disney Board of Directors, citing concerns about the falling stock price.
Trian estimates investors have lost $200 billion in the past three years and said in a white paper letter, “Disney’s strategic missteps and declining financial performance can be laid at the feet of its Board, which we believe lacks focus, alignment and accountability.”