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Viacom Profit Beats on Higher Cable Fees
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Viacom's profit beat Wall Street forecasts on Thursday helped by a double-digit growth in fees paid by cable, satellite and phone companies for its stable of networks, including MTV and Nickelodeon.
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CNBC.com |
Fiscal-first-quarter net income from continuing operations fell 5 percent to $591 million from $620 million in the year-ago quarter.
But earnings per share rose 4 percent to $1.06 following an aggressive share buyback during the period.
Analysts on average had been expecting profit to come in at $1.05 according to Thomson Reuters I/B/E/S.
Revenue rose 3 percent to $3.95 billion.
"Despite short term softness in the overall ad markets, Viacom's [VIAB
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]quarterly results benefited from strong affiliate fee revenue growth," said Viacom Chief Executive Philippe Dauman in a statement.
Viacom spent $700 million buying back some 16.2 million shares during the quarter.
Get real-time quotes for Viacom here.
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