Exhibit 99.1
FOR IMMEDIATE RELEASE
May 8, 2018
THE WALT DISNEY COMPANY REPORTS
SECOND QUARTER AND SIX MONTHS EARNINGS FOR FISCAL 2018
BURBANK, Calif. – The Walt Disney Company today reported quarterly earnings for its second fiscal quarter ended March 31, 2018. Diluted earnings per share (EPS) for the quarter increased 30% to $1.95 from $1.50 in the prior-year quarter. Excluding certain items affecting comparability(1), EPS for the quarter increased 23% to $1.84 from $1.50 in the prior-year quarter. EPS for the six months ended March 31, 2018 increased to $4.86 from $3.05 in the prior-year period. Excluding certain items affecting comparability(1), EPS for the six months increased 22% to $3.73 from $3.05 in the prior-year period.

“Driven by strong results in our parks and resorts and studio businesses, our Q2 performance reflects our continued ability to drive significant shareholder value,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “Our ability to create extraordinary content like Black Panther and Avengers: Infinity War and leverage it across all business units, the unique value proposition we’re creating for consumers with our DTC platforms, and our recent reorganization strengthen our confidence that we are very well positioned for future growth.”
The following table summarizes the second quarter and six-month results for fiscal 2018 and 2017 (in millions, except per share amounts): 
 
Quarter Ended
 
 
 
Six Months Ended
 
 
 
March 31,
2018
 
April 1,
2017
 
Change
 
March 31,
2018
 
April 1,
2017
 
Change
Revenues
$
14,548

 
$
13,336

 
9
%
 
$
29,899

 
$
28,120

 
6
%
Segment operating income (1)
$
4,237

 
$
3,996

 
6
%
 
$
8,223

 
$
7,952

 
3
%
Net income (2)
$
2,937

 
$
2,388

 
23
%
 
$
7,360

 
$
4,867

 
51
%
Diluted EPS (2)
$
1.95

 
$
1.50

 
30
%
 
$
4.86

 
$
3.05

 
59
%
EPS excluding certain items affecting comparability (1)
$
1.84

 
$
1.50

 
23
%
 
$
3.73

 
$
3.05

 
22
%
Cash provided by operations
$
4,526

 
$
3,228

 
40
%
 
$
6,763

 
$
4,673

 
45
%
Free cash flow (1)
$
3,463

 
$
2,345

 
48
%
 
$
4,719

 
$
2,750

 
72
%
(1) 
EPS excluding certain items affecting comparability, segment operating income and free cash flow are non-GAAP financial measures. See the discussion on pages 7 through 9. The most significant item affecting comparability for the current quarter and six-month period was a net benefit from new U.S. federal income tax legislation (Tax Act) resulting from remeasuring our deferred tax balances to a new lower U.S. statutory rate, partially offset by the accrual of a Deemed Repatriation Tax (see page 5 for further discussion).
(2) 
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling interests.


1

The following information was filed by Twdc Enterprises 18 Corp. on Tuesday, May 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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