Walt
Disney (NYSE: DIS) is scheduled to announce Q2 earnings results on Tuesday, May
5th, after market close.
It
can be argued that no other media corporation has been hit by the pandemic as
hard as The Walt Disney Company. After becoming the most dominant entertainment
company in the world through the merger with 21st Century Fox, the pandemic has
shuttered every theme park and resort, film production, and sporting event.
The
premiere of Marvel and Disney films have been delayed or canceled. Broadway
theaters are dark and construction at Disney theme parks has been halted. In
fact, the only segment that appears to be the shining light is Disney‘s new
streaming service Disney+.
“Disney has a bull’s eye on its back like no other media
company,” Bank of America Merrill Lynch analyst Jessica Reif Ehrlich said in an
interview. “They are impacted greatly.”
But
no one outside of Disney truly knows to what extent they were truly impacted.
Disney
will release its second-quarter financial report, offering Wall Street the
first assessment of the damage on its global business caused by the pandemic.
Estimates
have been published by analysts regarding Disney’s losses. According to
Reuters, “Overall, analysts expect Disney to report $17.8 billion in revenue
from January through March, up 19% from 14.9 billion a year ago, and earnings
per share of 89 cents, down 45% from $1.61 a year earlier.” But that is all
they are — estimates. The real numbers will be announced on Tuesday.
And
despite the estimated losses, there is little doubt among analysts that Disney
will recover in the long-term. According to Reuters, Ehrlich is one of 13
analysts who mark Disney stock as a “buy.” Five others mark Disney as a “Strong
Buy,” and another ten marks it as a “hold.”
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