Entertainment content giamt Viacom, Inc. (NASDAQ:VIAB) early Wednesday posted mixed fiscal fourth quarter earnings results, as revenue plunged from last year on weak networks and theatrical performance.
The New York-based company reported fiscal Q4 EPS of $0.69 per share, beating out Wall Street’s $0.65 estimate. Revenue fell 14.8% from last year, however, to $3.23 billion, missing analysts’ view of $3.31 billion.
Viacom said that Media Networks revenues declined 11% to $2.48 billion, while domestic and worldwide affiliate revenues decreased 19% and 16%, respectively. On a brighter note, International affiliate revenues increased 7% in the latest period.
Filmed Entertainment revenues fell 24% to $774 million, hurt by lower theatrical revenues based on tough comps from 2015’s blockbuster hit Mission: Impossible – Rogue Nation. Overall theatrical revenues plunged 55% to $203 million, but home entertainment revenues jumped 23% to $199 million.
Tom Dooley interim President and CEO, commented via press release:
“Viacom ended the 2016 fiscal year well into our transition, as the company’s industry-leading data program increased in size and sophistication, ratings stabilized at several of our key networks and Paramount has begun to rebuild a full, dynamic slate of films. In addition, our international media networks business is stronger than ever, and we will continue to broaden our footprint and apply our successful strategies to additional territories in attractive markets. With new leadership across the company, continued investments in new content, technologies and targeted acquisitions, and an expanded Board of Directors, I have great confidence in Viacom’s next phase, as the company explores the exciting possibilities ahead.”
Viacom shares fell $0.35 (-0.94%) to $37.00 in premarket trading Wednesday. Prior to today’s report, VIAB had fallen 9.26% year-to-date.