Entertainment giant Viacom, Inc. (VIAB) on Thursday posted mixed fiscal first quarter earnings results, as revenue plunged from last year amid weak film revenue.
The New York-based company reported fiscal first quarter net income of $470 million, or 92 cents per share, compared with $212 million, or 38 cents per share, in the year-ago period. Last year’s results were hampered by massive one-time items. Excluding special items, the latest period’s results amounted to 91 cents per share.
Revenue plunged 16% from last year to $3.31 billion, hurt mainly by weak performance in the company’s Filmed Entertainment unit.
On average, Wall Street analysts expected a slightly smaller profit of 90 cents per share, albeit on higher revenue of $3.48 billion.
Viacom shares posted small gains in premarket trading Thursday. The stock has risen more than 26% in the past year.
The Bottom Line
Shares of VIAB currently offer a 1.85% dividend yield, based on last night’s closing price of $59.33 and the company’s annualized dividend payout of $1.10 per share.
Viacom, Inc. is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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