Disney(US:DIS) Businesswire·2024-02-07 21:05Financial Performance - Revenues for the first quarter were $23.5 billion, comparable to the prior-year quarter [2][8] - Diluted earnings per share (EPS) increased to $1.04 from $0.70 in the prior-year quarter, with adjusted EPS rising to $1.22 from $0.99 [2][8] - Cash provided by operations was $2.2 billion, a significant increase from cash used in operations of $1.0 billion in the prior-year quarter [51] Cost Management and Savings - The company achieved over $500 million in cost reductions across its businesses in the first quarter [3] - The annualized savings target is set at $7.5 billion by the end of fiscal 2024, with ongoing efforts to find further efficiencies [3] Streaming and Subscriber Metrics - Hulu subscribers increased by 1.2 million, while Disney+ Core subscribers decreased by 1.3 million due to a price increase and the end of a global promotion [3] - The company expects Disney+ Core subscriber net additions of between 5.5 and 6 million in the second quarter [3] Segment Performance - The Entertainment segment reported revenues of $9.98 billion, down 7% year-over-year, but operating income improved significantly to $874 million from $345 million [10][12] - The Sports segment saw revenue growth of 4% year-over-year, with operating losses reduced to $103 million from $164 million [10][26] - Experiences segment revenues reached $9.13 billion, an increase of 7% year-over-year, with record operating income of $3.1 billion [10][31] Shareholder Returns - The Board of Directors approved a new share repurchase program targeting $3 billion in repurchases for fiscal 2024 [3] - A cash dividend of $0.45 per share was declared, representing a 50% increase compared to the last dividend [3] Future Outlook - Full-year fiscal 2024 EPS is expected to increase by at least 20% compared to 2023, targeting approximately $4.60 [3] - Free cash flow generation for fiscal 2024 is projected to total roughly $8 billion [3]