Up isn't just the latest Disney (NYSE:DIS) release to hit the DVD market this week: It's also the direction of the family entertainment giant's shares this morning, after posting better than expected fiscal fourth quarter results.

Disney earned $0.46 a share before one-time gains and charges during the quarter, just ahead of the $0.44 a share profit it generated before charges a year ago. Analysts figured that Mickey Mouse was due for a fall, targeting net income of only $0.41 a share for the period.

Gains at its steady cable networks and a rebound in its broadcasting division were more than enough to offset declines at its theme parks and consumer products -- and operating deficits at its studio and software arms. Overall revenue rose 4% to $9.9 billion for the quarter.

The performance across Disney's segments didn't come as much of a surprise, especially as many of its rivals have already reported their quarterly results. Nickelodeon parent Viacom (NYSE:VIA) delivered healthy pops in operating profits and adjusted net income last week, though its media networks revenue clocked in flat. Regional amusement park operator Cedar Fair (NYSE:FUN) posted lower revenue and attendance last week, though it did manage to grow its bottom line during the seasonally potent summer. Former Disney Store operator Children's Place Retail Stores (NASDAQ:PLCE) doesn't report until next week, but analysts see a sharp spike in profitability.

In an interesting switcheroo, CFO Tom Staggs and theme parks chief Jay Rasulo will be swapping gigs come January. The logical conclusion is that both are being groomed to eventually succeed CEO Bob Iger, so they are being immersed into new leadership positions to have a better command of the entire company. This doesn't mean that Iger has to be checking his back. Disney has only missed Wall Street profit expectations once since taking over for Michael Eisner. The economy is in a funk right now, but Disney has topped analyst guesstimates in each of the past three quarters.

The future is bright at Disney. Beyond the juicy possibilities of its pending Marvel Entertainment (NYSE:MVL) acquisition, Disney's studio should get a serious boost as sequels to Toy Story, Cars, and Pirates of the Caribbean hit the silver screen. The fate of its theme parks are tied to the global economy, but major additions at Disney's California Adventure and Florida's Magic Kingdom are on the way.

So let out those helium balloons as Disney lifts to higher ground. The view is better from up there.