Viacom reported lower fourth quarter earnings despite higher profits at its media networks unit. Net earnings fell to $394 million (€345.7m) from $674 million, a year ago. Earnings were impacted by a $11 million provision for income tax.
Earnings from continuing operations before provision for income taxes were $510 million, down 11 per cent from $571 million a year ago. Revenue rose 5 per cent to $3.485 billion.
The results were better than Wall Street expectations.
“Our strong performance in the fourth quarter capped off a pivotal year for Viacom. We successfully turned around our core business, with dramatic improvements across our networks, at Paramount and in distribution,” said CEO Bob Bakish. “We also took important steps to evolve Viacom for the future – investing in our portfolio of advanced marketing solutions, digital and experiential offerings and global studio production business. As we head into 2019, we are excited about the company’s evolution and expect to return to topline growth.”