Viacom beat Wall Street expectations for the second fiscal quarter that ended in March, posting a 24 percent increase in adjusted net earnings thanks largely to higher affiliate revenues at its media networks.
The owner of Paramount, as well as cable networks including MTV and Comedy Central, reported that adjusted net earnings from continuing operations climbed 24 percent to $535 million compared to the same quarter a year ago. Adjusted diluted earnings per share were up 36 percent to 98 cents per share, beating analysts expectations' of 89 cents.
Media networks, which include the cable stations, had revenue growth of 5 percent, to $2.19