Viacom Profit, Sales Beat Expectations

Viacom reported on Thursday fiscal fourth-quarter net profit of $732 million, or $1.72 a share, compared with earnings of $804 million, or $1.68 a share, in the year-earlier period, as the weighted average number of diluted shares outstanding declined 11%. Excluding non-recurring items, the media giant reported adjusted earnings per share of $1.71, topping the FactSet consensus analyst estimate of $1.68. Revenue rose 9% from last year to $3.99 billion, above analyst projections of $3.87 billion, as revenue from the media networks grew 8% and from filmed entertainment increased 12%. Viacom's Class A stock, which was still inactive in premarket trade, has dropped 21% so far this year through Wednesday, while the S&P 500 has gained 10%.