It's those one time charges.....
Companies love to do things like report 22 cents a share profit with a one-time, off-book, charge off of 48 cents a share. However, when running the financial numbers such as P/E, analysts include the "one-time" charges.
They have to, otherwise a company would move everything off-book, and have ever increasing porfits as they fell into bankruptcy. (Cisco Systems recently announced it would take a one time charge for the entire inventory sitting in all its factories and warehouses. Thus, next quarter, they won't have to pay for any of the things they sold, and it will look like their profits are back.....)
After the charge off, Disney posted a loss of 26 cents a share for the second quarter. When that is subtracted from the trailing 3 quarters profit of 48 cents (21+11+16), you're left with 22 cents per share profit for the trailing 4 quarters.
30/.22 = ~135
It is up to the individual investor to decide if they believe the off-book charges are really one-timeers..... If you think they are, then you can add the write off back on to profit and go by what you think the P/E should be considered.