Disney Reports Earnings This Week. Here's What to Expect. -- Barrons.com
Disney Reports Earnings This Week. Here's What to Expect. -- Barrons.com
DJ Disney Reports Earnings This Week. Here's What to Expect. -- Barrons.com
DJ迪士尼本週將公佈財報。以下是我們可以期待的。--Barrons.com
By Nicholas Jasinski
尼古拉斯·賈辛斯基(Nicholas Jasinski)著
Disney+ aside, the Covid-19 pandemic has been little short of a perfect storm for Walt Disney. It has had to contend with disrupted production schedules, delayed film releases, shut down theme parks and cruises, and clients' slashed advertising budgets. Its direct-to-consumer streaming unit is made for the social-distancing environment, but is a tiny minority of Disney's revenues -- and isn't profitable yet.
撇開迪士尼+不談，新冠肺炎的大流行對沃爾特·迪士尼來説幾乎是一場完美的風暴。它不得不與打亂的製作時間表、推遲的電影上映、關閉主題公園和遊輪以及客户大幅削減廣告預算作鬥爭。它的直接面向消費者的流媒體業務是為社交疏遠環境而設計的，但在迪士尼的收入中只佔很小的一部分，目前還沒有盈利。
Disney (ticker: DIS) is set to report its fiscal third-quarter results -- which correspond to the calendar second quarter -- on Wednesday after the market closes. Those results might not matter all that much to investors. Wall Street already knows the numbers will be ugly -- what matters more is the outlook for a recovery. Comments from Disney management on the trends they're seeing as economic activity resumes will be closely parsed. With the return of sports and gradual reopening of Disney's theme parks already underway, investors will want to hear what comes next for the media and entertainment giant.
迪士尼(股票代碼：DIS)將在週三市場收盤後公佈其第三財季業績--與日曆第二季度相對應。這些結果對投資者來説可能並不那麼重要。華爾街已經知道這些數字將是醜陋的--更重要的是復甦的前景。隨着經濟活動的恢復，迪士尼管理層對他們所看到的趨勢的評論將被仔細分析。隨着體育運動的迴歸和迪士尼主題公園的逐步重新開放，投資者將想知道這家媒體和娛樂巨頭的下一步是什麼。
Analysts expect Disney to report an adjusted loss of 61 cents per share in the latest quarter, which would be down from a 60 cent profit in the first quarter -- Disney's fiscal second -- when the Covid-19 impact began to be felt. It also compares to $1.35 in adjusted earnings per share in the year-earlier period. Wall Street expects that Disney's fiscal third-quarter revenues dropped 39% year over year, to $12.4 billion, and that adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, fell to a $50 million loss from a $4.6 billion profit last year.
分析人士預計，迪士尼最近一個季度的調整後每股虧損為61美分，低於第一季度(迪士尼的第二財季)60美分的利潤，當時新冠肺炎的影響開始顯現。它還與去年同期的調整後每股收益1.35美元形成了鮮明對比。華爾街預計，迪士尼第三財季營收同比下降39%，至124億美元，調整後的利息、税項、折舊及攤銷前利潤(EBITDA)從去年的46億美元降至虧損5,000萬美元。
Disney stock has felt the pressure in 2020, but it's well off its late-March lows for the year. The stock has dropped 19% this year through Friday's close, and management suspended Disney's dividend earlier this year. That compares with a 2% return after dividends for the S&P 500 and a 7% loss for the Dow Jones Industrial Average. Other traditional media stocks have tumbled even more than Disney this year. ViacomCBS (VIAC) and Discovery (DISCA) stocks are each down 36%, AMC Networks (AMCX) has lost 42%, and Fox (FOXA) is off 30%. Streaming-focused Netflix (NFLX), meanwhile, has seen its stock soar 51% since the start of the year.
迪士尼股票在2020年感受到了壓力，但遠低於今年3月下旬的低點。截至上週五收盤，迪士尼股價今年已下跌19%，管理層今年早些時候暫停了迪士尼的股息。相比之下，標準普爾500指數扣除股息後的回報率為2%，道瓊斯工業平均指數(Dow Jones Industrial Average)虧損7%。其他傳統媒體股今年的跌幅甚至超過迪士尼。維亞康姆哥倫比亞廣播公司(ViacomCBS)和探索(Discovery)的股票分別下跌了36%，AMC Networks(AMCX)下跌了42%，福克斯(Fox)下跌了30%。與此同時，專注於流媒體業務的網飛公司(Netflix)的股價自今年年初以來飆升了51%。
Here's a snapshot of Wall Street's expectations and some recent history.
以下是華爾街預期和一些近期歷史的快照。
-- Disney's fiscal second-quarter result showed a company taking pressure from all sides, with the coronavirus pandemic and associated physical-distancing measures making it nearly impossible for the company to continue operating several of its core businesses. 2020 was also a planned investment year for its splashy new streaming initiatives, and the result was a 93% drop in reported earnings.
-迪士尼第二財季業績顯示，一家公司承受着來自各方的壓力，冠狀病毒大流行和相關的物理距離措施使該公司幾乎不可能繼續經營其幾項核心業務。2020年也是其引人注目的新流媒體計劃的投資年，其結果是報告收益下降了93%。
-- Adjusted for one-time factors and other impacts, Disney reported earnings of 60 cents per share in the prior quarter reported on May 5 -- well below analysts' 93-cent forecast. Sales in the period were $18 billion, about equal to what analysts had expected. Adjusted Ebitda fell to $3.6 billion from $4.3 billion a year earlier. Shares slipped 0.2% the following day.
-經一次性因素和其他影響調整後，迪士尼公佈的5月5日公佈的上一季度每股收益為60美分，遠低於分析師預測的93美分。這一時期的銷售額為180億美元，大致相當於分析師的預期。調整後的EBITDA從上年同期的43億美元降至36億美元。第二天，股價下跌了0.2%。
-- A bright spot in Disney's portfolio has been Disney+, which makes up one leg of the company's streaming strategy alongside ESPN+ and Hulu. Streaming services across the industry have benefited from TV- and movie-watchers being stuck at home during the Covid-19 pandemic. The company said that Disney+ reached 50 million paid subscribers world-wide in April, just five months after launching.
-迪士尼投資組合中的一個亮點是迪士尼+，它與ESPN+和Hulu一起構成了該公司流媒體戰略的一部分。整個行業的流媒體服務都受益於電視和電影觀眾在新冠肺炎疫情期間被困在家裏。該公司表示，迪士尼+在推出僅五個月後，4月份就達到了全球5000萬付費訂户。
-- Wall Street analysts lean bullish on Disney stock: 50% have a Buy or equivalent rating, while 46% recommend a Hold. One analyst rates Disney at Sell. Their average target price is $123.52, about 6% above the stock's recent level of $116.94.
-華爾街分析師傾向於看漲迪士尼股票：50%的人給予買入或同等評級，46%的人建議持有。一位分析師對迪士尼的評級為賣出。他們的平均目標價為123.52美元，較該股近期116.94美元的水平高出約6%.
-- Bob Chapek took over the CEO role from Bob Iger earlier this year. Iger has remained involved at Disney as executive chairman. Management will host a call with analysts at 4:30 p.m. ET on Thursday.
-鮑勃·查佩克(Bob Chapek)今年早些時候接替鮑勃·伊格爾(Bob Iger)擔任首席執行官。艾格仍以執行主席的身份參與迪士尼。管理層將於下午4：30主持與分析師的電話會議。東部時間週四。
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
寫信給Nicholas.jasinski@Barrons.com尼古拉斯·賈辛斯基(Nicholas.jasinski@Barrons.com)
(END) Dow Jones Newswires
(完)道瓊斯通訊社
August 03, 2020 07:14 ET (11:14 GMT)
2020年08月03日東部時間07：14(格林尼治標準時間11：14)
Copyright (c) 2020 Dow Jones & Company, Inc.
版權所有(C)2020道瓊斯公司。
譯文內容由第三人軟體翻譯。