Walt Disney Company Q3 Adj. Profit Falls; Revenue Down 42%

(RTTNews) - The Walt Disney Company (DIS) reported that its third quarter adjusted earnings per share decreased 94% to $0.08 from $1.34, last year. On average, 23 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.64, for the quarter. Analysts' estimates typically exclude special items.

The company noted that its results in the quarter ended June 27, 2020 were adversely impacted by COVID-19. The most significant impact was at the Parks, Experiences and Products segment as most of the theme parks and resorts were closed for the entire quarter and cruise ship sailings were suspended.

Third quarter revenues declined 42 percent year-on-year to $11.78 billion. Analysts expected revenue of $12.39 billion for the quarter.