UPDATE: Viacom Q4 Net Income Up 13%

Viacom

reported a 13% rise in its fourth-quarter net profit. Viacom's quarterly net income surged to $650 million, or $1.26 per share, versus $576 million, or $1 per share, in the year-earlier period. Its adjusted profit climbed to $1.21 per share from $1.06 per share. Viacom's sales declined 17% to $3.36 billion. However, analysts were expecting earnings of $1.17 per share on sales of $3.41 billion. Viacom shares closed at $47.99 yesterday.