Warner Music Group Swings To Profit In Q3

(RTTNews) - Warner Music Group Corp. (WMG) on Tuesday turned to profit in the third quarter, helped by strong revenues and operating performance. The company's revenues rose 33 percent and beat analysts' view.

The company posted third-quarter net income of $61 million or $0.12 per share, compared to net loss of $520 million or $1.03 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Income, excluding items, came in at $83 million, compared to $18 million in the same period last year.

The company's OIBDA was $241 million in the three-month period, compared to a $371 million loss in the third quarter of 2020.

Revenues climbed 33 percent to $1.34 billion from $1.01 billion in the prior-year quarter, while analysts were looking for revenues of $1.2 billion.