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.

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,

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The division that includes Disney’s film studio delivered earnings of $312 million, also reversing a year-ago loss, driven by “Moana 2,” a sequel to the Polynesian-themed film. The animated feature opened on Nov. 27 and generated $1.04 billion in global box-office sales.

Walt Disney sharply outperformed Wall Street's quarterly earnings estimates on Wednesday, with results buoyed by the strong holiday box office performance of animated sequel "Moana 2" and higher profits at the company's streaming business.

Disney warned during its fiscal fourth-quarter report in November that it expected a “modest decline” in subscriptions during the December period.

Blockbuster hit Moana 2 helped drive The Walt Disney Company (DIS) to beat quarterly profit expectations amid a resurgence in studio successes,

The entertainment company topped Wall Street expectations on core metrics; meanwhile, its streaming push continues.