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A Visit to the Magic Kingdom

Walt Disney Co. (DIS) reported another in a string of great quarters, with earnings per share coming in at 44 cents vs. the consensus estimate at 38 cents. DIS has beaten analyst consensus by 15% or more repeatedly in the past year, as it performing well in all segments.

Under the new leadership of Robert Iger, this stock has definitely impressed me. Not only did each operating unit post income growth of 10% or more, but the company repurchased shares at a steady clip. Most impressive was DIS' media networks unit, which posted earnings up 21% to $1.18 billion. And the parks business was also up 19%, studio entertainment was up 60% and consumer products was up 20%.

Just this fiscal year, DIS repurchased 96 million shares, which is a lot. And the DIS board has boosted its authorization to purchase another $400 million worth of shares, which amounts to 18% of all shares outstanding.

This was a great quarter for DIS, and I couldn't find one thing to complain about in the entire Magical Kingdom.