Viacom Q4 profit dips 43% but beats estimates
November 16, 2018
Viacom (VIAB) reported a 43% dip in earnings for the fourth quarter due to higher costs and expenses as well as a gain on the asset sale in the prior-year quarter. The results exceeded analysts’ expectations. Following this, the stock inched up over 2% in the premarket session.
Net income from continuing operations dropped 43% to 6 million or .96 per share. Non-GAAP earnings from continuing operations jumped 29% to .99 per share.
Net revenue grew 5% to .5 billion, driven by double-digit gains at Paramount. The company successfully turned around its core business, with dramatic improvements across its networks, at Paramount and in distribution.
Paramount Pictures continued its momentum in the fourth quarter with strong growth at the box office and in television production. It has improved adjusted operating income for seven straight quarters, with growth benefiting from the performances of Mission: Impossible – Fallout, A Quiet Place and Book Club.
The double-digit gains in total revenues from Paramount Pictures were driven by a nearly three times the growth in worldwide theatrical revenues and growth in worldwide licensing.
Viacom (NASDAQ: VIAB, VIA) Q4 2018 Earnings Call