Walt Disney Co. reported first-quarter earnings as the company faces a number of challenges, despite recent box office success including a hit animated sequel.

Moana 2 helped float a solid fiscal first quarter for Disney with studio profit riding the strong box office of the animated sequel that's topped $1 billion worldwide. The quarter, which ended in December,

NEW YORK -- Disney easily topped first-quarter expectations thanks in part to the box office success of “Moana 2.” The Walt Disney Co. earned $2.55 billion, or $1.40 per share, for the period ended Dec. 28. The Burbank, California-based company earned $1.91 billion, or $1.04 per share, in the prior-year period.