Walt Disney Co. reported a small increase in net income for its fiscal third quarter, lifted by the performance of its media networks and theme parks, the Los Angeles Times reported.
But gains in those areas were blunted by the performance of Disney's movie studio, which posted a 36% decline in operating income from a year earlier -- mostly because of weaker box-office results and marketing costs associated with “The Lone Ranger."
Disney Chief Financial Officer Jay Rasulo said on a conference call with analysts that the company expects to lose $160 million to $190 million on "The Lone Ranger" -- results that would be reflected in its fourth-quarter earnings.
The Burbank company posted net income of $1.85 billion for the quarter that ended June 29, up 1% from a year earlier. Revenue rose 4% to $11.58 billion.
Disney, the world's largest entertainment and media company, posted per-share earnings of $1.01 -- the same as a year earlier.