Disney’s fiscal first-quarter results, issued Tuesday, were mixed. Revenues missed expectations, advancing modestly from the same period last year, while diluted earnings per share grew 18% to $0.80, beating consensus forecasts of $0.75 per share. The top-line growth and operating-income expansion in the period was led by its Media Networks and Parks and Resorts segments. Revenue in its Studio Entertainment segment fell 16%, though operating income in the division still advanced 10% despite having fewer Disney branded titles in wide theatrical release during the quarter. Consumer Products revenue jumped 3%, and segment operating income held essentially flat. The company noted particular strength at ESPN, generally lower political advertising revenues, and increased guest spending (higher ticket prices and food and beverage spending) and attendance at its domestic parks and resorts. Pre-tax income jumped 8.6% thanks to higher revenues and improved gross margins. Disney’s bottom-line also benefited from a lower tax rate and lower share count. Cash flow from operations advanced 55% during the period, and the company’s free cash flow conversion rate improved materially from last year’s quarter. We’re sticking with our fair value estimate for Disney’s shares.