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Higher cruise pricing contributes to Walt Disney Co.'s Q4

Higher cruise pricing contributes to Walt Disney Co.'s Q4

Higher ticket prices at Disney Cruise Line contributed to the Walt Disney Co.'s Parks and Resorts segment's solid fourth quarter. Operating income for Parks and Resorts rose 7%, to $738m. up from $687m. Parks and Resorts revenues were 10% higher, $4.36bn, up from $3.96bn.

In the Parks and Resorts segment, growth at Disney's domestic operations was driven by increased guest spending and attendance at  theme parks, partially offset by higher costs. Guest spending growth was primarily due to higher average hotel room rates and ticket prices for sailings at Disney Cruise Line as well as theme park admissions and increased merchandise, food and beverage spending.

Higher costs included the Disney Magic drydock.

For the Walt Disney Co. as a whole, Q4 profit was $1.6bn, or 95 cents per share, up from $1.5bn, or 86 cents per share, in the prior-year quarter. Revenues were $13.5bn, up from $12.4bn.

Excluding a deferred income tax asset write-off of $399m as a result of the increase in the company's ownership of Euro Disney in connection with a recapitalization of Disneyland Paris, EPS for the quarter increased 35%, to $1.20 from 89 cents.

The Walt Disney Co.'s full year profit was a record $8.4bn, or $4.90 per share, a 15% increase from 2014's $7.5bn, or $4.26 per share. Excluding the write-off, EPS increased 19%, to $5.15 from $4.32. 2015 revenues were 7% higher—a record $52.47bn, up from $48.81bn.

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