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Viacom 4Q earnings up 13 pct despite revenue drop


February 19. 2013 5:29PM
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(AP) Viacom says net income grew 13 percent in the most recent quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.


Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier.


After adjusting for one-time items, earnings came to $1.21. Analysts were expecting $1.17.


Revenue fell 17 percent to $3.36 billion, below the $3.41 billion expected by analysts surveyed by FactSet.


Viacom Inc.'s Paramount movie studio division saw revenue fall 39 percent to $1.09 billion in the fiscal fourth quarter because it had no blockbuster release. A year ago, it had the latest Transformers movie.


Revenue at the cable TV network business was largely unchanged.


Associated Press


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