By David B. Wilkerson
Walt Disney Co. (DIS) shares hit a new 52-week high Friday on the media giant’s better-than-expected fiscal fourth-quarter results and amid optimism for improvements in the advertising environment and the company’s film studio.

Disney shares, which are about double their March lows, rose as much as 4.9% to $30.46, surpassing $30 for the first time since October 2008. The stock recently traded at $30.26, up 4.2% on the day.

Deutsche Bank Securites’ Doug Mitchelson, who maintained his buy rating on Disney stock, said strong income growth from the cable networks, “well-positioned” international businesses and “excellent” governance create more room for the shares to rise.

Mitchelson also said the company’s recent box-office slump should end, given a number of sequels that will hit screens in the current fiscal year, including “Toy Story 3,” “Cars 2″ and the fourth “Pirates Of the Caribbean” film. The studio entertainment division recorded a second consecutive loss in the fourth quarter.

BMO Capital Markets’ Jeffrey Logsdon said a lower cost structure also will help the studio division.

“Investors should be mindful that Disney has cut its film production and distribution investment by close to $600 million annually. While the reduction in films released will shrink revenues, there should be a $100 million plus elimination in overhead and slight improvement in the profitability quotient of the film portfolio annually,” Logsdon said.

Despite the share gains Friday, Imran Khan of J.P. Morgan kept his underweight rating but lifted his estimates as well as his price target to $28 from $22. The revisions reflect “an improving ad outlook, which will be somewhat offset by challenging studio results and pension and post-retirement costs,” he said.

Chief Financial Officer Tom Staggs said ad rates at ABC are running more than 20% higher than they were last summer. And advertisers with an option to buy ads in the January quarter are doing so at a better rate than the network has seen in the last 10 years, Staggs said.

In its fiscal fourth quarter, Disney said profit rose 18% on improved results at cable network ESPN and syndication sales of the ABC Studios-produced television programs “Grey’s Anatomy” and “According to Jim.”

The Burbank, Calif.-based media conglomerate said it earned $895 million, or 47 cents a share, compared with year-ago profit of $760 million, or 40 cents a share. Excluding an item, the company said it would have earned 46 cents a share in the latest three months.

Revenue rose 4% to $9.87 billion.

Analysts polled by Thomson Reuters expected to see a profit of 41 cents a share on sales of $9.31 billion.

Segment profit at the theme parks and resorts in the fourth quarter fell 17% to $344 million, as revenue fell 4% to $2.84 billion.

The unit was hampered by less guest spending–as average ticket prices and daily hotel room rates were lower–and an increase in costs related to an extra week of operations in the latest fourth quarter and higher labor expenses.

Before the earnings, the company said CFO Staggs would become chairman of its theme parks and resorts unit, while Jay Rasulo, the current chairman of the parks, would become CFO. Deutsche’s Mitchelson said the move was “a surprise,” but that the transition in each case “should go smoothly.”

“I didn’t give Tom a multiple choice in terms of where he was going to go, and I made both Tom and Jay offers that I felt they couldn’t refuse,” said Chief Executive Bob Iger during a conference call with analysts.

The company’s media networks division, which includes ABC, ESPN and Disney Channel, among other outlets, reported that its revenue jumped 14% to $4.73 billion, while its operating profit increased 26% to $1.49 billion.

ESPN was lifted by higher fees paid by cable and satellite operators. Ad revenue at the network declined, but ad sales are showing improvement in the current quarter, Iger said.

“They are seeing strength across multiple sectors,” Iger said.

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