May 8 (UPI) — Walt Disney Co. saw a 23 percent earnings increase for the second quarter compared to 2017 thanks in large part to the success of Marvel Studios’ hit, Black Panther, the company announced Tuesday.
The company reported second-quarter net earnings of $2.94 billion for the three months ending March 31. That equates to $1.84 per share.
Disney’s studio entertainment division, which includes Marvel, had $2.45 billion in revenue for the second quarter, up 21 percent from the same quarter the previous year. Operating income increased to $847 million, up by 29 percent.
“It’s clear from the recent results, as well as from the slate ahead, that our studio has and will continue to raise the bar in terms of both creative and commercial success,” Disney CEO Bob Iger said in an earnings call. “The incredible performance of Marvel’s Black Panther is just one of many examples.”
The Ryan Coogler-helmed project has earned $1.34 billion worldwide since its opening Feb. 16.
Iger also credited a bump in amusement park revenues, which was $4.88 billion, up 13 percent from the previous year.
“Driven by strong results in our parks and resorts and studio businesses, our Q2 performance reflects our continued ability to drive significant shareholder value,” he said.