Disney’s Parks, Experience and Products division generated a higher-than-expected total revenue of $6.7 billion in the second financial quarter of 2022, more than double that of the same period last year, per the company’s earnings report.
Revenue is 16 percent higher than the $4.2 billion that was reported in the fiscal second quarter of 2019, showing a marked improvement from even pre-pandemic metrics. Operating income additionally rose 32 perecent.
On the market, Disney shares closed at $105.21, experiencing a 5 percent bump in after-market trading when the finances were released.
“They continue to fire on all cylinders, powered by strong demand coupled with customized and personalized guest experience enhancements that grew per capita spending by more than 40% versus 2019,” said Disney CEO Bob Chapek of the company’s domestic parks.
While Disney World’s attendance numbers have bounced back, the implementation of increased ticket rates and new attractions to the Orlando park led to the second quarter being some of Disney’s Park Division’s best numbers.
Park visitation is up compared to 2021, though most are from domestic points of origin. The number of international visitors still has not fully returned to pre-pandemic levels as various nations still have in place forms of pandemic control regulations that prevent travel to certain countries.
Disney officials, however, said they are starting to see the return of those visitors.
“There were many days in the quarter, where we saw demand exceed 2019 levels,” Disney CFO Christine McCarthy said in the earnings call. “However, we are continuing to control attendance through our reservation system.”
What the earnings report stressed is that Disney is making more money from fewer guests, particularly from the premium Genie+ platform, a $15-dollar-per-day park companion service that tailors to visitor interests in dining and attractions.
Theme park visitation is up across the board in Orlando, including Disney competitors Universal Studios and SeaWorld.
SeaWorld’s total revenue for the first quarter of 2022 was $271 million, an increase of $99 million from a year prior while attendance reached 3.4 million visitors, up 54 percent from 2021’s first quarter. As with Disney, SeaWorld’s parent company said international and group visitation is improving but not back at pre-pandemic levels, according to Spectrum News reporter Ashley Carter.
Florida in 2021 set a state record for domestic tourism, welcoming nearly 120 million people to The Sunshine State, bringing local economy boosts, and marking all-time high revenues for hotels and property rentals.
Florida’s hotels last year drew in the highest total hotel revenue ever recorded at over $17.3 billion dollars, while Florida’s airports accommodated an 80 percent increase in passengers.