Viacom Follows Times Warner, Impresses Investors With Q3 Report

Viacom, Inc. VIAB followed others in the entertainment sector to announce better-than-expected third quarter results.

The entertainment firm reported adjusted net earnings attributable to its shareholders of $419 million or $1.05 a share. In comparison, the company earned $591 million or $1.47 a share in the year-ago period suggesting that the adjusted profit dropped 29 percent on a year-over-year basis. However, the adjusted EPS were $0.04 a share more than the analysts' estimate of $1.01 a share.

Viacom generated 2 percent higher revenue at $3.107 billion than $3.058 billion recorded in the previous year quarter. Analysts' predicted $3.01 billion revenue.

Rival Time Warner Inc TWX reported EPS of $1.29, which was higher than the Street estimate of $1.16.

Viacom Chairman, President and CEO, Philippe Dauman, said, "In the quarter, Viacom continued to execute on our strategic plan by increasing investment in high-quality original content, enhancing our connection to audiences, accelerating the growth of data-driven advertising products and further expanding our unmatched global reach."

Following the news, the stock traded $0.50 or 1.14 percent higher at $44.49 in the pre-market on Thursday.