UPDATE: Viacom FQ3 Profit Misses Estimates

Viacom

reported weaker-than-expected fiscal third-quarter earnings. The New York-based company posted quarterly earnings of $610 million, or $1.40 per share, versus $643 million, or $1.31 per share, in the year-ago period. Its adjusted earnings per share rose 10% to $1.42, missing analysts' estimates of $1.44 per share. Its revenue declined 7% to $3.42 billion from $3.693 billion, versus expectations of $3.56 billion. Media Networks revenue rose 1%, to $2.59 billion, while Filmed Entertainment revenue fell 26% to $856 million. Worldwide home entertainment revenue slipped 24% in the quarter. During the quarter, Viacom repurchased 10.0 million shares under its stock repurchase program, for an aggregate purchase price of $850 million. Philippe Dauman, President and Chief Executive Officer of Viacom, said, “It was a solid quarter for Viacom. We delivered nearly $1 billion to shareholders through buybacks and dividends and continued to build on our success in creating outstanding content and focused brands that connect deeply with audiences across all platforms.” Viacom shares fell 0.75% to close at $81.77 yesterday.