WASHINGTON (dpa-AFX) - Media conglomerate Viacom, Inc. (VIA, VIAB) Wednesday reported a lower second-quarter profit, reflecting mainly a decline in home entertainment and theatrical revenues. However, earnings per share beat analysts' expectations.
Filmed Entertainment revenues fell 20 percent to $941 million. Within the business, worldwide home entertainment revenues declined 38 percent, due to number and mix of titles released, and lower carryover and catalog revenues. Worldwide theatrical revenues dropped 15 percent from the prior year, mainly reflecting lower carryover revenues.
In Media Networks, which includes channels MTV, Nickelodeon and Comedy Central, revenues improved 2 percent to $2.23 billion, driven by higher advertising, affiliate and ancillary revenues.
Philippe Dauman, president and chief executive officer of the company said, 'Viacom's ongoing strategy of focused investment in creative content and broad multiplatform distribution of our brands accelerated improvement in our business in the quarter.'
The owner of the Paramount film studio said Paramount is also executing on its strategic plan and the year ahead remains strong, with audiences eagerly awaiting its upcoming tentpole releases - Star Trek Into Darkness and World War Z.
In the second quarter, net earnings attributable to the company declined to $478 million or $0.96 per share from $585 million or $1.07 per share in the previous year.
Adjusted earnings from continuing operations were $0.98 per share in the prior-year quarter.
On average, 31 analysts polled by Thomson Reuters expected earnings per share of $0.95 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter declined 6 percent to $3.14 billion and missed consensus estimates of $3.19 billion.
VIA closed Tuesday's regular trading at $64.72 on the Nasdaq, while VIAB ended at $63.99.
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