Company beats Wall Street’s projections
Revenues and profits climbed at Viacom during its fourth quarter on the box office success of “World War Z” and the continued strength of its television holdings.
It was a strong earnings report for the entertainment giant, as revenues rose 9 percent to $3.65 billion, while adjusted net earnings jumped 18 percent to $739 million. Adjusted earnings per share climbed 28 percent to $1.55 per diluted share.
Those figures handily beat Wall Street’s projections of $3.60 billion in revenues and earnings of $1.44 per share.
Viacom’s filmed unit saw theatrical revenues increased 31 percent due to the release of a certain Brad Pitt zombie movie, while home entertainment revenues rose 24 percent on sales of new releases like “G.I. Joe: Retaliation.” The success of “World War Z” defied bad publicity in the lead up to the film about production delays and reshoots. It earned solid reviews and grossed $540 million worldwide.
The company also showed signs that it has improved ratings softness at its Nickelodeon network. Viacom’s media networks, which includes its lucrative cable brands like Comedy Central and MTV, saw revenues grew 7 percent to $2.46 billion on growth in domestic advertising.
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