UPDATE: Viacom Beats Q4 Expectations

Viacom

reported better-than-expected fiscal fourth-quarter earnings. The New York-based company posted a quarterly net profit of $732 million, or $1.72 per share, versus a year-ago profit of $804 million, or $1.68 per share. The weighted average number of diluted shares outstanding shrank 11% in the quarter. Excluding non-recurring items, Viacom earned $1.71 per share. Its revenue climbed 9% to $3.99 billion. However, analysts were expecting earnings of $1.68 per share on revenue of $3.90 billion. Revenue from the media networks rose 8% to $2.66 billion, while revenue from filmed entertainment climbed 12% to $1.36 billion. Adjusted operating income came in flat at $1.21 billion in the quarter. During the quarter, the company repurchased 10.4 million shares under its stock repurchase program, for an aggregate purchase price of $850 million. At September 30, 2014, Viacom's cash balances were $1 billion, compared to $2.4 billion at September 30, 2013. Philippe Dauman, President and Chief Executive Officer of Viacom, said, “Viacom's record financial results in 2014 demonstrate the strength of our brands and continuing momentum for our strategy of investing in creativity, with a relentless focus on growing demographic and geographic markets and embracing new distribution platforms.” Viacom shares fell 0.40% to close at $69.25 yesterday.