World Wrestling Entertainment Q2 Revenue Tops Estimate; Raises Guidance

  • World Wrestling Entertainment Inc WWE reported second-quarter FY22 sales growth of 24% year-on-year, to $328.20 million, beating the consensus of $315.52 million.
  • The operating expenses for the quarter rose 26% to $196.9 million.
  • The operating margin was 21.1%, and operating income for the quarter rose 50% to $69.3 million.
  • The company held $443.5 million in cash and equivalents as of June 30, 2022.
  • Cash provided by operating activities for the quarter totaled $56.9 million, and the free cash flow was $9.5 million.
  • Adjusted OIBDA increased 34% Y/Y to $91.5 million, and the margin increased to 28% from 26%.
  • EPS for the quarter was $0.58 versus $0.34 last year.
  • The company has revised its previously issued financial statements due to findings during the investigation of alleged misconduct by former Chairman and CEO Vincent K. McMahon and another former executive.
  • RelatedWWE's Vince McMahon Is Back In The Hot Seat: New SEC Filing Reveals More Information Amid Misconduct Investigation
  • Outlook: World Wrestling raised its FY22 adjusted OIBDA outlook to $370 million - $385 million from the prior view of $360 million - $375 million.
  • For Q3, the company estimates adjusted OIBDA of $70 million - $80 million.
  • Price Action: WWE shares are trading higher by 1.84% at $73.50 in premarket on the last check Tuesday.
  • Photo Via Company
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Posted In: EarningsNewsGuidanceGeneralBriefs
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