World Wrestling Entertainment 3Q profit slides

STAMFORD, Conn. - Sports entertainment company World Wrestling Entertainment Inc. said Thursday its third-quarter profit slid 37 percent, weighed down by slowing revenue growth.

Net income for the period ended Sept. 30 fell to $5.3 million, or 7 cents per share, compared with $8.4 million, or 12 cents per share, in the prior-year period.

Analysts expected earnings of 9 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically exclude one-time items.

Revenue edged up 1 percent to $108.8 million from $108.1 million. Analysts expected revenue of $107.9 million.

Consumer product revenue climbed to $26.6 million from $19 million, while revenue from WWE Studios, previously known as WWE Films, slid to $5.6 million from $12.8 million.

Pay-per-view revenue dropped to $16.4 million from $18.8 million, while live event revenue edged up to $20.3 million from $20.1 million.

Chief Executive Linda McMahon said in a statement that the company looks to save at least $20 million next year and has lowered planned capital spending for its Media Center project by $30 million to a range of $65 million to $75 million.

"We remain committed to managing our business in a manner that is consistent with maintaining our dividend and achieving our long-term financial objectives," McMahon said.

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