UPDATE: Viacom Posts Higher FQ4 Profit

Viacom

reported a 24% rise in its fiscal fourth-quarter profit. Viacom's quarterly profit surged to $804 million, or $1.68 per share, from a year-ago profit of $650 million, or $1.26 per share. Excluding one-time items, its earnings from continuing operations climbed to $1.55 from $1.21. Its revenue gained 8.6% to $3.65 billion. However, analysts were projecting earnings of $1.44 per share on revenue of $3.6 billion. Viacom's filmed-entertainment revenue increased 11% to $1.21 billion, while home entertainment revenue jumped 24%. Viacom shares closed at $83.13 yesterday.