Manchester United Posts FQ1 Profit

Manchester United (NYSE: MANU) reported a profit in its fiscal first quarter. Manchester United posted a quarterly profit of 8.9 million pounds, or 5.45 pence per share, versus a year-ago loss of £293,000, or 0.18 pence per share. On an adjusted basis, the company's earnings increased to 2.59 pence versus 1.37 pence. Its adjusted core earnings dropped 8.6% to 20.3 million pounds, versus analysts' estimates of 14.5 million pounds.Its revenue dropped 9.9% to £88.7 million, versus analysts' estimates of GBP86.1 million.Broadcasting revenue slipped 13% to GBP16.8 million, while matchday revenue fell 22% to GBP15.1 million. Commercial revenue declined 5.2% to GBP56.8 million.Operating expenses increased 2.9% to GBP2.6 million. Net finance costs slipped 37.8% to £6.1 million.Net cash generated from operating activities surged by £49.7 million year-over-year to £72.9 million.Ed Woodward, Executive Vice Chairman, commented, “While we recognize that the 2014/15 fiscal year financial results will reflect our absence from the Champions League, we signed the largest kit sponsorship deal in the history of sport in the first quarter and, with that concluded, we are excited to focus our efforts on the meaningful growth opportunities in sponsorship, digital media and retail and merchandising.”For fiscal 2015, the company continues to project revenue of £385 million to £395 million and adjusted EBITDA of £90 million to £95 million.Manchester United shares declined 0.12% to close at $16.29 yesterday.