Disney Returns to Its Steamrolling Self

You might even call it a Disney renaissance.After a period of turmoil — culture war spats, whipsawing operating strategies, layoffs, proxy campaigns by activist investors for board seats and strikes in Hollywood, to name just a few of the challenges — Disney has returned to its stable, steamrolling self.Robert A.

Iger, the chief executive, on Wednesday announced a 44 percent increase in per-share quarterly profit compared with a year earlier, as blockbusters like “Moana 2” and improved streaming financials offset lower ESPN and theme park results.This is part of the reason that old-line entertainment conglomerates like Disney have different businesses.When one engine (or two) encounters difficulties, others can pick up the slack.

Disney beat Wall Street’s profit expectations for the quarter by 31 cents.But is the old, lower-risk way good enough?Netflix, which essentially has one business (streaming), has a market capitalization that exceeds the combined value of its legacy competitors Disney, Comcast, Warner Bros.Discovery and Paramount Global.

Disney shares closed at $113 on Tuesday, a 17 percent increase from last February.Netflix shares closed at $995, a 77 percent increase.Comcast is splitting NBCUniversal into two parts as it tries to woo investors.

Other competitors, like Paramount, are set on transforming themselves through mergers.As Mr.Iger has sought to restore Disney’s luster, he has leaned into existing business like cruises.

Vacations at sea have become one of the most profitable — and fastest-growing — businesses in the Disney portfolio.In December, he unveiled the 4,000-passenger Treasure, bringing the company’s fleet to six; seven more ocean liners are on order.For the quarter, costs related to the expansion of Disney Cruise Line and the impact of hurricanes on cruises and attendance at Walt Disney World in Florida contributed to a 5 percent decline in domestic operating income at Disney Parks and Experiences, which is Disney�...