(Alliance News) - Walt Disney Co on Wednesday reported higher earnings for its second quarter, the first under its new Chief Executive Officer Josh D'Amaro.

The Burbank, California-based media and entertainment company said pretax income rose 9.1% to USD3.37 billion in the second quarter to March 28, from USD3.09 billion a year earlier.

Attributable net income was down 31% to USD2.25 billion from USD3.28 billion, while diluted earnings per share sank 30% to USD1.27 from USD1.81.

Disney faced USD902 million in costs from income tax during the quarter, swung from a USD314 million gain a year ago.

Adjusted earnings per share grew 8.3% to USD1.57 in the second quarter from USD1.45.

Revenue for the quarter climbed 6.5% to USD25.17 billion from USD23.62 billion. Total segment operating income was 3.8% higher at USD4.60 billion from USD4.44 billion. Disney said this "modestly exceeded" prior guidance due to "stronger-than-expected" revenue growth.

Revenue in the Entertainment segment jumped 10% to USD11.72 billion from USD10.68 billion. Sports revenue was 1.7% higher at USD4.61 billion, while Experiences revenue advanced 6.7% to USD9.49 billion.

Back in February, the firm said CEO Robert Iger would resign from his role on March 18, and would be replaced by then Disney Experiences Chair Josh D'Amaro.

On Wednesday, Disney said: "At an important moment of change for Disney, we remain focused on executing our long-term growth strategy. Our creative and operational momentum drove strong quarterly results, and we continue to expect growth to accelerate in the second half of the fiscal year.

"We are strengthening streaming through continued investment in the creative storytelling that defines us and in product and technology innovation, while advancing ESPN’s direct-to-consumer future, and delivering on our bold growth plans at Disney Experiences."

Looking ahead, Disney said it expects financial 2026 adjusted EPS growth of around 12%, excluding the impact of the extra 53rd week, or 16% growth including it.

The firm said it is targeting at least USD8 billion in share repurchases in financial 2026. It forecasts third quarter total segment operating income of around USD5.3 billion.

"Current demand at our domestic parks and resorts is healthy. However, we are mindful of the macroeconomic uncertainty consumers are facing today," Disney added.

Looking further ahead, the company said it continues to expect double-digit growth in adjusted EPS in financial 2027, excluding the impact of the 53rd week.

Setting out a "long-term view", the new CEO said: "We believe Disney is uniquely positioned in the global entertainment industry with meaningful growth opportunities. We compete in a dynamic marketplace, which requires us to navigate rapid technological change and business model transitions. Even so, we believe Disney has enduring structural advantages that enable us to drive long-term value for our shareholders in the years ahead."

Shares in Walt Disney were up 4.3% at USD104.75 during premarket trading on Wednesday in New York.

By Michael Hennessey, Alliance News reporter

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