Viacom Q4 Adj. Profit Beats View, But Revenues Miss

(RTTNews) - Media conglomerate Viacom, Inc. (VIA, VIAB) on Wednesday reported a 71 percent fall in profit for the fourth quarter from last year, reflecting lower revenues and one-time charges. However, adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates.

Fourth-quarter net earnings attributable to Viacom, the owner of Paramount Pictures and Nickelodeon, was $254 million or $0.64 per share, down sharply from $884 million or $2.21 per share in the same period last year.

The latest quarter's results reflect restructuring costs related to executive severance and the previously-disclosed $115 million programming impairment charge.

Adjusted net earnings attributable to Viacom for the quarter were $273 million or $0.69 per share, compared to $614 million or $1.54 per share a year ago. On average, 32 analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined 15 percent to $3.23 billion from $3.79 billion in the year-ago period. Analysts had a consensus revenue estimate of $3.30 billion.

Media Networks' revenues for the quarter declined 11 percent from last year to $2.48 billion, resulting from declines in affiliate and advertising revenues that were partially offset by higher ancillary revenues.

Filmed Entertainment's revenues for the quarter decreased 24 percent to $774 million, driven by lower theatrical revenues due to the strong international performance of "Mission: Impossible - Rogue Nation" in the fourth quarter of 2015. Overall, theatrical revenues declined 55 percent from last year to $203 million.