Viacom Posts Upbeat Q2 Earnings, But Sales Miss Views

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Viacom, Inc.
VIAB
reported better-than-expected earnings for its fiscal second quarter, but the company' sales missed analysts' estimates. The New York-based company posted a quarterly net loss of $53 million, or $0.13 per share, versus a year-ago profit of $502 million, or $1.13 per share. Excluding non-recurring items, the company's adjusted earnings came in at $1.16 per share, beating analysts' estimates of $1.06 per share. Its revenue slipped 3 percent to $3.08 billion, versus analysts' expectations of $3.26 billion. The average estimate among 4 Estimize users was for earnings of $1.09 per share and revenue of $3.3 billion. Media Networks revenue rose 3 percent to $2.45 billion in the quarter. Domestic advertising revenue slipped 5 percent, while worldwide advertising revenue gained 4 percent. Filmed Entertainment revenue dropped 21 percent to $659 million in the second quarter, while theatrical revenue slipped 10 percent. Its adjusted operating income declined 6 percent year-over-year to $822 million in the same quarter. During the first half of fiscal 2015, the company returned $1.8 billion to shareholders through dividends and share repurchases. At March 31, 2015, the company had $306 million in cash balance, versus $1.0 billion at September 30, 2014. Philippe Dauman, President and Chief Executive Officer of Viacom, said, "We are deeply committed to investing in more and more original content, expanding in international growth markets, where we are launching networks at a rapid pace, and adapting to changes in technology and consumer behavior." Viacom shares gained 1.30 percent to close at $72.24 yesterday.
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Posted In: EarningsNewsprofit
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