MUMBAI: Viacom Inc topped earnings estimates in its fourth quarter earnings reporting revenues of $3.43 billion. The company adjusted earnings of 79 cents per share in the quarter.
Revenues of the company surpassed Zacks Consensus Estimate by 0.4 per cent and earnings per share beat the Zacks Consensus Estimate by 3.9 per cent. The company’s domestic advertising revenue rose 6 per cent for the quarter and 1 per cent for the full year.
“Our strong performance in the fourth quarter capped off a pivotal year for Viacom and reflects the successful execution of our strategic priorities to evolve the company for the future. We achieved several important milestones. First, we grew domestic ad sales for the full year, driven by the continued acceleration of Advanced Marketing Solutions,” Viacom president and CEO Bob Bakish said.
“We also grew full year domestic affiliate revenue, driven by the extended reach of Viacom's distribution across more viewing platforms. And, for the first time in four years, we returned Paramount to full year profitability – a testament to the strength of our strategy and content slate. As we look to the future of a combined ViacomCBS, we’re thrilled with the momentum we have to create one of the world’s preeminent content companies,” he added.
Viacom Media Networks achieved full year growth in domestic advertising and affiliate revenue, driven by continued acceleration in Advanced Marketing Solutions and advancement in Viacom’s distribution strategy.
At 30 September , Viacom’s gross debt outstanding was $8.74 billion, a 13 per cent reduction from 30 September, 2018 and adjusted gross debt was $8.09 billion.
