Viacom Q4 Profit From Cont. Ops. Rises; Revenues Down 5%

(RTTNews) - Viacom Inc. (VIAB, VIA) reported that its fourth-quarter adjusted net earnings from continuing operations attributable to company declined 16% to $614 million, driven by the decline in adjusted operating income. Adjusted earnings per share from continuing operations for the quarter declined 10% to $1.54, which includes a $0.05 negative impact of foreign exchange. Analysts polled by Thomson Reuters expected the company to report profit per share of $1.55 for the quarter. Analysts' estimates typically exclude special items.

Net earnings from continuing operations attributable to Viacom was $884 million or $2.21 per share compared to $732 million or $1.72 per share, a year ago.

Quarterly revenues declined 5% to $3.79 billion. Excluding an unfavorable 3% impact of foreign exchange, revenues decreased 2%. Media Networks revenues grew 5% to $2.79 billion, principally due to growth in affiliate fees and international advertising revenues, partially offset by declines in domestic advertising revenues. Analysts expected revenue of $3.88 billion for the quarter.

Full-year adjusted net earnings from continuing operations attributable to Viacom were $2.21 billion, a decrease of 7% principally driven by lower adjusted operating income. Full-year revenues were $13.27 billion, a decline of 4% from the prior fiscal year. Excluding an unfavorable 2% impact of foreign exchange, revenues decreased 2%. Media Networks revenues rose 3% to $10.49 billion, reflecting a 5% increase in affiliate fees and a 1% gain in worldwide advertising revenues.