The Walt Disney Company shared in its Q1 2024 earnings report that the company’s overall revenue was $23.55 billion, earning $1.04 per share. This is a slight increase from Q1 2023 when the company 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.
During last quarter’s call, Disney CEO Bob Iger stated 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 report, The Walt Disney Company is on track to meet or exceed that target.
Theme Parks Make $6.3 Billion in Revenue Domestically
The earnings report revealed that the theme park division made $6.3 billion in domestic revenue during Q1 2024. Overall, parks and experiences revenue was $9.1 billion, an increase of 7% from last year’s quarter.
Disney Cruise Line
Disney Cruise Line saw higher results, offsetting a decrease in parks and experiences operating income.
Disney Cruise Line’s growth was attributed to increases in average ticket prices and passenger cruise days.
Walt Disney World
Disney cited the following reasons for the lower results at Walt Disney World Resort:
- Lower volumes due to decreases in attendance and occupied room nights, both of which reflected the comparison to the 50th-anniversary celebration in the prior-year quarter
- Higher costs due to inflation, partially offset by cost-saving initiatives and lower depreciation
- Increased guest spending due to higher average ticket prices, partially offset by lower average daily room rates
Disneyland
Disneyland Resort results were comparable to Q1 2023, with revenue growth offset by an increase in costs due to:
- Increased guest spending primarily due to higher average ticket prices
- Attendance growth
- Higher costs driven by inflation
The earnings report and call come during the lead-up to the annual shareholders meeting scheduled for April 3.
Disney renamed their Disney Parks, Experiences, and Products division just Disney Experiences in late December.
Surprised by the increase in overall revenue in Q1 2024?