World Wrestling Entertainment Q2 Revenue Tops Estimate; Raises Guidance

World Wrestling Entertainment Inc WWE reported second-quarter FY22 sales growth of 24% year-on-year, to $328.20 million, beating the consensus of $315.52 million.
The operating expenses for the quarter rose 26% to $196.9 million.
The operating margin was 21.1%, and operating income for the quarter rose 50% to $69.3 million.
The company held $443.5 million in cash and equivalents as of June 30, 2022.
Cash provided by operating activities for the quarter totaled $56.9 million, and the free cash flow was $9.5 million.
Adjusted OIBDA increased 34% Y/Y to $91.5 million, and the margin increased to 28% from 26%.
EPS for the quarter was $0.58 versus $0.34 last year.
The company has revised its previously issued financial statements due to findings during the investigation of alleged misconduct by former Chairman and CEO Vincent K. McMahon and another former executive.
Related: WWE's Vince McMahon Is Back In The Hot Seat: New SEC Filing Reveals More Information Amid Misconduct Investigation
Outlook: World Wrestling raised its FY22 adjusted OIBDA outlook to $370 million - $385 million from the prior view of $360 million - $375 million.
For Q3, the company estimates adjusted OIBDA of $70 million - $80 million.
Price Action: WWE shares are trading higher by 1.84% at $73.50 in premarket on the last check Tuesday.
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