- Warner Music Group Corp WMG reported third-quarter FY21 revenue growth of 33% year-on-year to $1.34 billion, beating the analyst consensus of $1.2 billion.
- Recorded Music revenue grew 34% Y/Y to $1.15 billion, reflecting the continuing growth in streaming. Music Publishing increased 27% Y/Y to $189 million, driven by digital, synchronization, and mechanical revenue growth, and Digital grew 29% Y/Y to $928 million.
- Adjusted OIBDA margin increased 320 bps to 19.6% due to strong operating performance and margin improvement associated with revenue mix. Adjusted EBITDA margin improved 230 bps to 21.0%.
- EPS of $0.12 missed the analyst consensus of $0.15.
- Warner Music generated $91 million in operating cash flow and held $442 million in cash and equivalents. Free cash flow fell to $(71) million, down from $87 million a year ago.
- The Q3 reflected impressive streaming numbers, recovery in several areas that COVID had negatively impacted, and powerful operating leverage that drove margin expansion, CFO Eric Levin stated.
- Price action: WMG shares closed lower by 2.1% at $37 on Monday.
- Photo by StockSnap from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in