Viacom Reports Strong Q3 Results As Company Continues Revitalizing Its Business
Shares of Viacom Inc. rose nearly 4% in after-hours trade, following a strong fiscal third-quarter earnings report. The media and entertainment company reported net income of $680 million, or $1.69 per share, compared with $432 million, or $1.09 per share, during the same period a year ago. Adjusted earnings per share were $1.17, above FactSet's per-share consensus of $1.05. Revenue was $3.36 billion, up from $3.11 billion a year ago and above FactSet's $3.30 billion revenue consensus. Revenue at Viacom's on-the-mend media networks grew 2% to $2.56 billion, with both affiliate fees revenue and advertising revenue experiencing increases. The company said, however, that domestic revenue was substantially flat. Revenue at Paramount Pictures increased 189% year-over-year to $263 million. "Every day we are working to reinvent Viacom and revitalize its brands for the future, and the early, tangible results are encouraging," said Viacom Chief Executive Bob Bakish in a statement. "There remains much work to be done, but we will continue to build on this progress." Viacom's class B shares, owned by the public, have declined less than 1% in the year, while the S&P 500 index has gained more than 10%.
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