Viacom Inc. VIABreported better-than-expected results for the second quarter of fiscal 2018 (ended Mar 31, 2018), wherein both earnings per share and revenues outpaced the Zacks Consensus Estimate.
The company’s adjusted earnings from continuing operations of 92 cents per share surpassed the Zacks Consensus Estimate of 80 cents.
Total revenues of $3.15 billion topped the Zacks Consensus Estimate of $3.04 billion. However, revenues decreased 3% from the year-ago quarter owing to lower revenues from Filmed Entertainment due to “fewer theatrical releases and the performance of Paramount's legacy slate.” This dampened growth of the Media Networks segment.
Quarterly adjusted operating income increased 4.7% year over year to $641 million. Viacom exited the quarter with cash and cash equivalents of $417 million, compared with $394 million at the end of the previous quarter.
Moreover, Viacom’s debt (non-current) at the end of the second quarter of fiscal 2018 was $10.1 billion, at the same level as the prior quarter.