Viacom Inc. (NASDAQ:VIAB) reported financial results for the quarter ended September 30th, 2019.
Revenue came in at $3.433 billion, slightly below the $3.485 billion figure in the prior-year quarter. Operating income registered at $530 million, compared to $646 million.
The corporation’s Paramount arm delivered three straight years of year-over-year adjusted operating income improvement and achieved full year profitability for the first time in four years.
During the quarter, its Crawl and Dora and the Lost City of Gold projects performed well at the box office. Crawl generated over $90 million worldwide.
Dora and the Lost City of Gold drove over $116 million worldwide.
Paramount’s fiscal year 2020 film slate is at 17 films versus 11 in the prior year. Highly anticipated releases include A Quiet Place Part II, The Spongebob Movie: Sponge on the Run and Top Gun: Maverick.
CEO Bob Bakish expressed it this way, "Our strong performance in the fourth-quarter capped off a pivotal year for Viacom and reflects the successful execution of our strategic priorities to evolve the company for the future.
"We achieved several important milestones. First, we grew domestic ad sales for the full year, driven by the continued acceleration of Advanced Marketing Solutions. We also grew full year domestic affiliate revenue, driven by the extended reach of Viacom's distribution across more viewing platforms."
Shares gained 48 cents, or 2.2%, to $22.53
