Viacom beats Wall Street target
By CBS.MarketWatch.com
Last Update: 7:46 AM ET Oct. 24, 2002
NEW YORK (CBS.MW) -- Viacom rose a surge in advertising as it shook off the effects of Sept. 11 to post
stronger-than-expected third quarter profit and declare a $3 billion stock buyback on Thursday.
Viacom (VIA: news, chart, profile), (VIAB: news, chart, profile) reported
third-quarter net income of $640 million, or 36 cents per share, vs. a loss of $190 million, or 41 cents per share in the year-ago
period including a charge.
The latest earnings per share number beat the forecast of 32 cents per share in a survey of analysts by Thomson First Call.
The company also announced a $3 billion stock buyback program, reiterated its 2002 profit target, and said 2003 will likely
be more "robust."
The media firm cited upped advertising revenue at the CBS television network and stations, which rebounded after the
Sept. 11 terrorist attacks last year.
Revenue increased 10 percent to $6.3 billion from $5.7 billion.
Operating income increased to $1.3 billion from $194 million.
The company posted earnings before interest, taxes, depreciation and amortization of $1.5 billion, up from $977 million.
For the full year 2003, the company expects to deliver mid-single digit revenue growth and double-digit EBITDA growth
and mid-teen growth in operating income and earnings per share.
Viacom is a significant shareholder in MarketWatch.com, the publisher of this report.
Shares of Viacom rose 78 cents to $47.18 on Wednesday.
chart: stockcharts.com[h,a]daclyiay[pb200!b50!f][vc60][iut!Lh14,3!La12,26,9]&pref=G (on a trading basis, if VIA pops today, think it would be a short term sell - on a trading basis, VIA is a long term hold to me.) |
