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Viacom reports drop in fiscal Q3 income but beats estimates

Viacom Inc. on Aug. 9 reported a 23.6% year-over-year drop in fiscal third-quarter net earnings attributable to the company to $522.0 million, or $1.29 per share, from net income of $683.0 million, or $1.70 per share.

The normalized S&P Global Market Intelligence consensus estimate for the quarter was $1.07.

Viacom attributed the year-over-year decline in its bottom line in part to a gain on the sale of an investment in EPIX in the prior-year quarter. Adjusted to exclude various one-time items, net earnings from continuing operations attributable to Viacom increased 1% to $475 million, or $1.18 per share.

Revenue for the quarter ended June 30 was $3.24 billion, down 3.8% year over year from $3.36 billion.