Viacom meets 1Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

Viacom Inc. (VIAB) on Thursday reported fiscal first-quarter net income of $500 million.

On a per-share basis, the New York-based company said it had profit of $1.20. Earnings, adjusted for pretax expenses and non-recurring costs, came to $1.29 per share.

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The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of $1.29 per share.

The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures posted revenue of $3.34 billion in the period, which did not meet Street forecasts. Analysts expected $3.44 billion, according to Zacks.

Viacom shares have decreased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped almost 3 percent. The stock has dropped 19 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 http://www.zacks.com/ap/VIAB

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Keywords: Viacom, Earnings Report