Every Disney Park around the globe closed for some period of time due to the COVID-19 global pandemic. And, while most parks have been reopened for some time now, it’s been a slower road to financial recovery for the company.
In late 2020, Disney reported that they lost billions and it wasn’t until over a year later that they saw their first quarter of profits. Previously, the company had predicted that it would not see a full recovery in revenue until the end of the fiscal year 2022 and a recent report is showing that this could be true, with profits growing even more through 2024.
According to The Orange County Register, a new analyst report from the research firm, MoffettNathanson, is predicting that profits at both Disney World and Disneyland will “rebound in 2022, spike in 2023 and jump higher in 2024” as the company continues to recover from the pandemic.
As we mentioned previously, the Disney Parks have been seeing profits since late 2021 and analysts believe that “fiscal year 2022 will bring a quick bounce back in parks profits.”
According to the report, Disney World and Disneyland are predicted to come close to 2019 levels of profitability, generating $4 billion in earnings in 2022 prior to interest and taxes, Plus, analysts are expecting this number to grow even more into 2023 and 2024 reaching $5.2 billion and $6.3 billion respectively.
If this were to be the case, the profits would top 2018 (where Disney Parks earned $4 billion) and 2019 (where they earned $4.4 billion).
The report does note that it will likely be a bit longer before Disney’s international parks recover profit-wise, however. Currently, it is predicted that there will be a $170 million loss in 2022, though these losses are expected to be recovered by 2024.
We’ll be interested to see if these predictions are met or exceeded by the Disney Parks in upcoming quarterly earnings calls (the first of which is scheduled for February 9th, 2022). And, in the meantime, be sure to stay tuned to AllEars for more of the latest Disney news and updates!
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