Viacom beats Street 1Q forecasts

Markets Associated Press

Viacom Inc. (VIAB) on Thursday reported fiscal first-quarter profit of $396 million.

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On a per-share basis, the New York-based company said it had net income of $1. Earnings, adjusted for one-time gains and costs, came to $1.04 per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures posted revenue of $3.32 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $3.2 billion.

Viacom shares have increased 20 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2.5 percent. The stock has risen 0.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VIAB at https://www.zacks.com/ap/VIAB

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Keywords: Viacom, Earnings Report