Viacom Posts In-Line Q3 Profit, But Sales Miss Views

Viacom, Inc. VIAB reported in-line earnings for its fiscal third quarter, but the company's revenue missed analysts' estimates. The New York-based company reported quarterly reported net income of $591 million, or $1.47 per share, versus $610 million, or $1.40 per share, in the year-ago period. Its adjusted earnings per share rose 4 percent to $1.47. Its revenue slipped 11 percent to $3.06 billion. However, analysts were expecting earnings of $0.75 per share on revenue of $3.22 billion. Media Networks revenue rose $6 million year-over-year to $2.60 billion for the quarter, while Filmed Entertainment revenue slipped 44 percent to $479 million. Its adjusted operating income came in steady at $1.08 billion for the latest quarter. At June 30, 2015, the company had $421 million in cash balances, compared to $1.0 billion at September 30, 2014. Total debt outstanding was $13.08 billion, versus $12.70 billion at September 30, 2014. Sumner M. Redstone, Executive Chairman of Viacom, said, "Viacom is meeting the challenges of a rapidly-changing media landscape by creating exciting, unique content that connects with audiences on all platforms. Our management team is positioning Viacom for success, and I am confident that we have the strategies in place to thrive." Viacom shares fell 7.54 percent to close at $51.41 yesterday.