Viacom reported quarterly earnings and revenue that beat analysts’ expectations on Thursday.
Here’s how the company did compared to what Wall Street expected:
- EPS: $1.17 cents vs. $1.05 expected, according to Thomson Reuters
- Revenue: $3.36 billion vs. $3.29 billion expected, according to Thomson Reuters
Viacom’s revenue grew 8 percent from the year-ago quarter. The company increased its earnings per share to $1.17 from $1.05 in the same period last year.
“In the third quarter, Viacom strengthened its top line, with growth in advertising and affiliate revenues and gains across its Filmed Entertainment segment, while continuing to execute on a strategic plan to reinvigorate our brands, break down silos, deepen our relationships with business partners and reposition Paramount for the future,” CEO Bob Bakish said in a statement.
Viacom’s operating income decreased 3 percent from the year-ago quarter. The company attributed the decline to restructuring and programming costs of $59 million.
Bakish has spearheaded Viacom’s turnaround efforts since taking over in December. Viacom has focused on growing its Paramount business and boosting its cable franchise business. The media company owns networks such as MTV, Comedy Central and Nickelodeon.
Viacom held talks to acquire Scripps Network Interactive, but it was outbid by Discovery Communications last month. Viacom’s owner, the Redstone family, had considered merging the media company with CBS, which the family also owns. It eventually abandoned the idea.
Viacom beat earnings expectations for both the first and second quarters. The company reported operating income in the second quarter that was 43 percent lower than the year-ago quarter, which it attributed the decrease to restructuring costs.
Class B shares of Viacom are essentially flat this year.
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