Viacom beats by $0.04, misses on revs
Reports Q1 (Dec) earnings of $1.20 per share, $0.04 better than the Capital IQ Consensus of $1.16; revenues fell 3.5% year/year to $3.2 bln vs the $3.32 bln consensus.
Media Networks revenues rose 6% to $2.54 billion, driven by increases in affiliate fees and advertising revenues. Affiliate revenues grew 10% on a domestic and worldwide basis, primarily due to rate increases. Domestic advertising revenues increased 3% due to favorable ratings trends. Worldwide advertising revenues increased 4% to $1.33 billion in the quarter. Filmed Entertainment revenues declined 30% to $681 million. Theatrical revenues decreased 52% from the prior year, due to fewer titles released in the quarter and lower carryover revenues. Home entertainment revenues declined 37%.
Operating income rose 20% to $960 million, representing improved operating results across the company. For the quarter ended December 31, 2013, Viacom repurchased 10.3 million shares under its stock repurchase program, for an aggregate purchase price of $850 million.
Media Networks revenues rose 6% to $2.54 billion, driven by increases in affiliate fees and advertising revenues. Affiliate revenues grew 10% on a domestic and worldwide basis, primarily due to rate increases. Domestic advertising revenues increased 3% due to favorable ratings trends. Worldwide advertising revenues increased 4% to $1.33 billion in the quarter. Filmed Entertainment revenues declined 30% to $681 million. Theatrical revenues decreased 52% from the prior year, due to fewer titles released in the quarter and lower carryover revenues. Home entertainment revenues declined 37%.
Operating income rose 20% to $960 million, representing improved operating results across the company. For the quarter ended December 31, 2013, Viacom repurchased 10.3 million shares under its stock repurchase program, for an aggregate purchase price of $850 million.