Viacom Reports Improved Q2 Earnings, As Revenue Surprises

Viacom Inc. [s:VIAB] said on Thursday net earning for its fiscal second quarter hit $303 million, or 76 cents per share, after last year's loss of $53 million, or 13 cents per share during the same period. Adjusted earnings per share were 76 cents, just above the 74 cents per share FactSet consensus. Total revenue for the quarter came in at $3.00 billion, a 3% slide compared with last year's $3.08 billion in the same period, but just above FactSet's $2.98 billion consensus. The company said revenue at its media networks, including Nickelodeon and MTV, declined to $2.38 billion. And revenue for film studio Paramount Pictures, for which Viacom is seeking a minority investor, climbed 6% to $217 million in the quarter, though that was offset by weak home entertainment revenues. Viacom shares were not active in premarket trade, but have gained 5.8% in the year to date, outperforming the S&P 500 index, which is up 2.5%.