World Wrestling Entertainment Beats On Q1 Despite 11% Topline Decline Hit By Shift In Timing Of Event Staging

Loading...
Loading...
  • World Wrestling Entertainment Inc WWE reported a first-quarter FY23 decline of 11% year-on-year to $297.6 million, beating the consensus of $291.46 million.
  • The revenue fall was primarily due to a shift in the timing of the staging of a large-scale international event, which occurred in the first quarter of 2022 but is expected to occur in the second quarter of 2023.
  • Operating expenses for the quarter dropped 2.8% to $175.6 million.
  • Operating margin was 17.8%, and operating income for the quarter plunged 43% to $53.1 million.
  • The company held $465.3 million in cash and equivalents as of March 31, 2023. Cash provided by operating activities for the quarter totaled $12.6 million, and the free cash out flow was $(20.6) million.
  • Adjusted OIBDA decreased 25% Y/Y to $84.2 million, and the margin decreased to 28% from 34%.
  • Adjusted EPS for the quarter was $0.50, beating the consensus of $0.42.
  • Outlook: World Wrestling reaffirms its expectations for 2023, which target record revenue and an Adjusted OIBDA range of $395 million-$410 million.
  • Price Action: WWE shares are trading higher by 0.50% at $106.25 on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsEquitiesNewsGuidanceMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...