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Cable Boosts Viacom Operating Profit
By Kenneth Li NEW YORK (Reuters) - Viacom Inc. (VIAb.N: Quote , Profile , Research ) on Tuesday posted a higher quarterly operating profit, as growth in cable networks MTV and Nickelodeon offset a drop in network TV advertising and lackluster growth at its radio business. Viacom, which also owns the CBS television network and Paramount Pictures movie studio, posted a first-quarter operating profit of $585 million, or 36 cents a share, up from $508 million, or 29 cents a share, a year ago. Wall Street expected first quarter profit of 31 cents and revenue of $5.38 billion, according to Reuters Estimate. Overall revenue rose 5 percent to $5.6 billion. Including a tax benefit and earnings from discontinued operations, Viacom in the year-ago quarter earned $710.5 million, or 41 cents a share. Television results, including CBS and broadcast stations, were hurt by the lack of Super Bowl and political ad spending in the first quarter. Cable networks MTV and Nickelodeon posted strong gains, with revenue up 19 percent and operating income up 20 percent. "Overall, it was a solid quarter," said Jeffrey Bray, managing director of Babson Capital Management, which owns Viacom shares. "Cable networks were very strong and radio was up, which it hasn't been in a year." Viacom has been mulling a split of its fast-growing cable networks and movie studio from its more mature broadcast business to boost stock value. "We continue to explore the separation of Viacom into two new and focused entities that could better position our businesses for continued growth and enhance shareholder return," Chairman and Chief Executive Sumner Redstone said in a statement. Viacom expects to complete an analysis in the second quarter, he said. Looking ahead, Viacom said it was "on track" to deliver mid single-digit percentage growth in revenue and operating income, and high single-digit percentage growth in earnings per share for the full year 2005. Noting the 6 percent rise in first-quarter earnings before interest, tax, depreciation and
amortization, Richard Greenfield, analyst at Fulcrum Global Partners, said, "They seem well on their way to exceeding the full-year expectations of mid single digits (growth) as this was the toughest quarter of the year."
Source: reuters.com