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Update: Disney - Studio Powers Earnings Again

Disney's (NYSE:DIS) Q1 results blew away consensus with both revenues and EPS coming in well ahead of expectations (9% revenue growth and 17% operating income growth vs. a consensus of 5% and 3%). The Studio and Consumer units were the star performers as their operating income grew 33% and 46% respectively (on revenues down 2% and up 22% respectively). Despite tough revenue comps, the Studio business was powered by a strong home entertainment performance ("Guardians of the Galaxy", "Maleficient" and "Frozen"), a highly profitable segment, while the Consumer business benefited from the "Frozen" merchandise craze. Parks also outperformed (20% operating income growth) as a result of increased spending and attendance and almost full room occupancy. Media Networks, which was the weak spot in the previous quarter (flat operating income) grew earnings by 3% and was roughly in line with expectations, suggesting that the higher programming costs are now well factored into analysts'…