ViacomCBS' third-quarter 2021 adjusted earnings of 76 cents per share were in line with the Zacks Consensus Estimate but the same decreased 8% year over year.
Revenues of $6.61 billion beat the Zacks Consensus Estimate by 0.4% and increased 13% year over year.
Adjusted OIBDA decreased 3% from the year-ago quarter’s level to $1.02 billion.
Selling, general and administrative expenses increased 15.3% year over year to $1.53 billion.
Revenues by Type
Advertising revenues of $1.86 billion inched up 1% year over year, driven by an improved advertising market.
Affiliate revenues of $2.1 billion climbed 2% year over year, reflecting expanded distribution and higher reverse compensation.
Global streaming & digital video revenues surged 62% year over year to $1.08 billion, driven by 79% growth in streaming subscription revenues and 48% streaming advertising revenue growth.
Global streaming subscribers touched 47 million, adding 4.3 million subscribers in the reported quarter.
Theatrical revenues logged $67 million in the reported quarter compared with the year-ago quarter’s $6 million. Content-licensing revenues of $1.51 billion increased 18% year over year.
Segment Details
ViacomCBS’ TV Entertainment revenues increased 24% year over year to $2.92 billion, driven by higher licensing, streaming and affiliate revenues.
TV Entertainment’s adjusted OIBDA decreased 21% from the year-ago quarter’s figure to $271 million due to increased investment in Paramount+ streaming services.
Cable Networks revenues increased 13% year over year to $3.46 billion, driven by higher streaming, advertising, affiliate and licensing revenues.
Cable Networks’ adjusted OIBDA increased 5% from the year-ago quarter’s reading to $906 million, driven by robust top-line growth.
Filmed Entertainment revenues dipped 2% year over year to $580 million, primarily due to lower licensing revenues.
Licensing and other revenues decreased 12% year over year due to lower volume of programming produced for third parties.
Adjusted OIBDA was $38 million, down 30% year over year.
Balance Sheet
As of Sep 30, 2021, ViacomCBS had cash and cash equivalents of $4.8 billion compared with $5.37 billion as of Jun 30, 2021.
ViacomCBS committed $3.5 billion revolving credit facility remains undrawn.
Total debt as of Sep 30, 2021 was $17.71 billion compared with $17 billion as of Jun 30, 2021.
Zacks Rank & Stocks to Consider
ViacomCBS currently carries a Zacks Rank #3 (Hold). AMC Entertainment (AMC - Free Report) , Clarus (CLAR - Free Report) and Callaway Golf are some better-ranked stocks in the broader Consumer & Discretionary sector, all three currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both AMC and Clarus are set to report quarterly results on Nov 8 while Callaway Golf is scheduled to release the same on Nov 9.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
ViacomCBS' third-quarter 2021 adjusted earnings of 76 cents per share were in line with the Zacks Consensus Estimate but the same decreased 8% year over year.
Revenues of $6.61 billion beat the Zacks Consensus Estimate by 0.4% and increased 13% year over year.
Adjusted OIBDA decreased 3% from the year-ago quarter’s level to $1.02 billion.
Selling, general and administrative expenses increased 15.3% year over year to $1.53 billion.
Revenues by Type
Advertising revenues of $1.86 billion inched up 1% year over year, driven by an improved advertising market.
Affiliate revenues of $2.1 billion climbed 2% year over year, reflecting expanded distribution and higher reverse compensation.
Global streaming & digital video revenues surged 62% year over year to $1.08 billion, driven by 79% growth in streaming subscription revenues and 48% streaming advertising revenue growth.
Global streaming subscribers touched 47 million, adding 4.3 million subscribers in the reported quarter.
Theatrical revenues logged $67 million in the reported quarter compared with the year-ago quarter’s $6 million. Content-licensing revenues of $1.51 billion increased 18% year over year.
Segment Details
ViacomCBS’ TV Entertainment revenues increased 24% year over year to $2.92 billion, driven by higher licensing, streaming and affiliate revenues.
TV Entertainment’s adjusted OIBDA decreased 21% from the year-ago quarter’s figure to $271 million due to increased investment in Paramount+ streaming services.
Cable Networks revenues increased 13% year over year to $3.46 billion, driven by higher streaming, advertising, affiliate and licensing revenues.
Cable Networks’ adjusted OIBDA increased 5% from the year-ago quarter’s reading to $906 million, driven by robust top-line growth.
Filmed Entertainment revenues dipped 2% year over year to $580 million, primarily due to lower licensing revenues.
Licensing and other revenues decreased 12% year over year due to lower volume of programming produced for third parties.
Adjusted OIBDA was $38 million, down 30% year over year.
Balance Sheet
As of Sep 30, 2021, ViacomCBS had cash and cash equivalents of $4.8 billion compared with $5.37 billion as of Jun 30, 2021.
ViacomCBS committed $3.5 billion revolving credit facility remains undrawn.
Total debt as of Sep 30, 2021 was $17.71 billion compared with $17 billion as of Jun 30, 2021.
Zacks Rank & Stocks to Consider
ViacomCBS currently carries a Zacks Rank #3 (Hold). AMC Entertainment (AMC - Free Report) , Clarus (CLAR - Free Report) and Callaway Golf are some better-ranked stocks in the broader Consumer & Discretionary sector, all three currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both AMC and Clarus are set to report quarterly results on Nov 8 while Callaway Golf is scheduled to release the same on Nov 9.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Get the latest research report on AMC - FREE
Get the latest research report on CLAR - FREE