Viacom Q1 Profit Declines, But Meets View; Revenues Miss

(RTTNews) - Media conglomerate Viacom, Inc. (VIA, VIAB) on Tuesday reported a 10 percent decline in profit for the first quarter from last year, reflecting lower revenues in the Filmed Entertainment and Media Networks segments.

However, adjusted earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates.

First-quarter net earnings attributable to Viacom, the owner of Paramount Pictures and Nickelodeon, declined to $449 million or $1.13 per share from $500 million or $1.20 per share in the same period last year.

Adjusted net earnings attributable to Viacom for the quarter were $470 million or $1.18 per share, compared to $538 million or $1.29 per share a year ago.

On average, 34 analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined 6 percent to $3.15 billion from $3.34 billion in the year-ago period. Analysts' revenue consensus was $3.26 billion.

Media Networks' revenues for the quarter declined 3 percent from last year to $2.57 billion. Excluding an unfavorable 1 percent impact of foreign exchange, revenues decreased 2 percent.

Filmed Entertainment's revenues for the quarter decreased 15 percent to $612 million, as an increase in license fees was more than offset by declines in theatrical and home entertainment revenues.

Viacom's total expenses for the quarter declined 4 percent from the year-ago period to $2.32 billion.