Earnings: Viacom Q1 Revs Up 15 Percent; Tops Estimates; Rock Band Drives Media Growth
This story was written by Joseph Weisenthal.
Another solid quarter from Viacom (NYSE: VIA), which continues to out perform. The parent of Rock Band (and a little network called MTV) announced Q1 revs of $3.1 billion, 15 percent up from last year's $2.71 billion. Net income rose 33 percent to $270 million ($.42 per share) from $203 million ($.29 per share). The company also took $.02 of impairment charges, so on an adjusted basis, earnings were comfortably ahead of estimates of $.41 per share. Consensus revenue had been $2.97 billion. Some highlights:
-- Media networks revenue was up 16 percent to $2.01 billion. The company said growth was "principally" driven by the success of the Rock Band franchise. Op income in the unit was up 15 percent.
-- Filmed entertainment growth was a little slower, with up only 12 percent, however it was this unit that actually power the bottom line, as it managed to cut its op losses almost in half to $63 million from $108 million.
By Joseph Weisenthal