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Higher cruise fares, fewer drydock days help Disney's Q1

(Photo: Disney Cruise Line)
Only a portion of Disney Wonder's drydock costs fell in the quarter
The Walt Disney Co.'s first quarter revenue and profit were dragged by a decline at ESPN. Profit fell 14% to $2.48bn on 3% lower revenue of $14.78bn.

However, the Parks and Resorts division, which includes Disney Cruise Line, turned in 6% higher revenue and 13% higher operating profit, the best of any company segment. Parks and Resorts posted a $1.11bn operating profit on revenue of $4.56bn.

Cruise operating income growth was due to higher average ticket prices and lower drydock expenses. A portion of the drydock costs for Disney Wonder were incurred in the quarter whereas all of the drydock costs for Disney Dream fell in the prior-year first quarter.