World Wrestling beats by $0.13, misses on revs; provides FY 19 outlook
- Reports Q3 (Sep) earnings of $0.37 per share, $0.13 better than the S&P Capital IQ Consensus of $0.24; revenues rose 1.1% year/year to $188.4 mln vs the $201.86 mln S&P Capital IQ Consensus.
- Operating income was $18.1 million. Adjusted OIBDA1 of $35.8 million exceeded the Company's guidance
- Revs increased slightly as the increased monetization of content as reflected in the Media segment was nearly offset by lower ticket sales at the Company's live events and a $2.6 million unfavorable impact on licensing revenue due to the adoption of the new FASB standard for revenue recognition
- Full year 2018 Adjusted OIBDA is expected to range from $160 million to $170 million, which would be consistent with the Company's previous guidance3
- The Company is developing its operating and financial plans for 2019 and subsequent years. Given the substantial revenue growth provided by its new U.S. distribution agreements, the Company is currently targeting Adjusted OIBDA of at least $200 million for 2019, during which the new agreements' rates are effective for only three months.
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