Walt Disney Co. (DIS) shares hit a 52-week high Friday. Disney’s fiscal fourth-quarter results were better than projected, almost doubling numbers from March. Shares rose 4.9% to reach $30.46, the highest they have been since October of last year.
Numbers should continue to improve as Disney’s string of failed films comes to end this fiscal year with the release of several anticipated sequels, including "Toy Story 3," "Cars 2" and the fourth installment of "Pirates of the Caribbean."
Ads for ABC are up 20% as well, according to C.F.O Tom Staggs, with 18% profit gains from syndication sales of "Grey's Anatomy" and "According to Jim."
Total revenue improved by 4% to hit $9.87 billion.
The degree of fourth-quarter gains isn’t the only surprise from Disney of late. Chief Executive Officer Bob Iger recently announced that aforementioned C.F.O., Tom Staggs would become chairman of theme parks and resorts unit while the current chairman of the parks, Jay Rasulo would become CFO.
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