World Wrestling Entertainment Earnings: Profit Goes South
World Wrestling Entertainment Inc. (NYSE:WWE) reported its results for the second quarter. World Wrestling Entertainment is engaged in the development, production and marketing of television and pay-per-view event programming and live events, and the licensing and sale of consumer products featuring its World Wrestling Entertainment brands.
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World Wrestling Entertainment Inc. Earnings Cheat Sheet
Results: Net income for World Wrestling Entertainment Inc. fell to $11.9 million (16 cents per share) vs. $14.3 million (19 cents per share) a year earlier. This is a decline of 16.3% from the year-earlier quarter.
Revenue: Fell 0.6% to $141.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: World Wrestling Entertainment Inc. fell short of the mean analyst estimate of 18 cents per share. It beat the average revenue estimate of $113.7 million.
Quoting Management: “In the second quarter, we made important progress on our key strategic initiatives, expanding our content and distribution and enhancing our brand strength,” stated Vince McMahon, Chairman and Chief Executive Officer.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 18 cents versus a mean estimate of net income of 6 cents per share.
Over the last five quarters, revenue has increased 5.3% on average year-over-year. The biggest increase came in the second quarter of the last fiscal year, when revenue rose 33.4% from the year-earlier quarter.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 7 cents per share, down from 14 cents ninety days ago. For the fiscal year, the average estimate has moved down from 71 cents a share to 39 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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