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Monday Business | PREVIEW

Disney Earnings Expected on Strong Ad Sales

May 01, 2000|Reuters

Walt Disney Co. shares gained about 3% last week as investors digested news of strong television advertising sales at rival companies and saw a possible earnings surprise at Disney's ABC TV network. Financial analysts said Disney is expected to report earnings for its fiscal second quarter, ended March 31, this week, and if strong ad sales from network owner CBS Corp. and its merger partner Viacom Inc. hold up, Disney could beat the consensus forecast of 14 cents a share. "Given the extraordinary strength of the ad market, we would expect that to carry over to a variety of companies," said PaineWebber Securities analyst Chris Dixon. Based on that "carry over" effect, he said he believes Disney could beat his quarterly estimate of 16 cents a share. Disney shares closed up $2 on Friday at $43.63 on the New York Stock Exchange.

On Tuesday, analysts expect AT&T to post profit of 53 cents a share for its first quarter. The telecom giant earned 61 cents in the year-earlier quarter.

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