The Walt Disney Company (NYSE: DIS) reported its fiscal first-quarter results Tuesday after the markets closed. The company reported $1.27 in earnings per share (EPS) and $13.4 billion in revenue, against Thomson Reuters consensus estimates of $1.07 in EPS and $12.87 billion in revenue. In the same period of the previous year, Disney posted $1.04 in EPS and $12.31 billion in revenue.

Cash provided by operations for the first quarter of fiscal 2015 increased 53%, or $643 million to $1.9 billion, compared to fiscal 2014 due to higher segment operating results and lower television spending. Free cash flow in the fourth quarter was $857 million, which was up from $554 million in the same period of the previous year.

Disney’s segments reported revenues for the first quarter, compared to the previous year:

• Media Networks up 11% to $5.86 billion. In the Media Networks segment, Cable Networks fell by 2% to $1.3 billion due to a decrease at ESPN, partially offset by increases at the worldwide Disney Channels and ABC Family. However, operating income at Broadcasting increased 35% to $240 million for the quarter due to an increase in affiliate fees and higher program sales.
• Parks and Resorts up 9% to $3.91 billion. Operating income growth for the quarter was driven by an increase at the domestic operations, partially offset by a decrease at international operations.
• Studio Entertainment revenues fell 2% to $1.86 billion. Operating income rose, however, due to an increase in home entertainment results, higher revenue share with the Consumer Products segment due to the performance of “Frozen” merchandise and higher TV/SVOD distribution results driven by more titles available internationally. These increases were partially offset by lower theatrical distribution results.
• Consumer Products up 22% to $1.38 billion. Higher operating income was due to increases at Merchandise Licensing and Retail businesses.
• Interactive down 5% to $384 million. The decrease in unit sales was driven by lower sales of Infinity accessories and catalog titles, partially offset by higher sales of Infinity starter packs.

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Robert A. Iger, chairman and CEO of Disney, said:

This was yet another incredibly strong quarter for our Company, with diluted EPS up 23% driven by record revenue as well as significant growth in segment operating income. Our results once again reflect the strength of our brands and high quality content and demonstrate that our proven franchise strategy creates long-term value across all of our businesses.

Just the day before earnings were set to be announced, two brokerage firms weighed in on Disney. RBC Capital had an Outperform rating for the stock and raised its price target to $100 from $96. FBR Capital Markets had an Outperform rating and raised its price target as well, to $120 from $105.

Disney shares closed Tuesday up 2% at $94.10. In after-hours trading, shares were up 3% at $97.20. The stock has a consensus analyst price target of $99.04 and a 52-week trading range of $69.88 to $96.43.

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