World Wrestling Entertainment (WWE) Tops Q1 EPS by 29c

World Wrestling Entertainment (NYSE: WWE) reported Q1 EPS of $0.51, $0.29 better than the analyst estimate of $0.22. Revenue for the quarter came in at $263.5 million versus the consensus estimate of $255.03 million. Adjusted OIBDA1 was $83.9 million, an increase of 9% or $6.6 million.

GUIDANCE:

In January, the Company issued guidance for 2021 Adjusted OIBDA. As previously discussed, the Company estimated it can achieve 2021 Adjusted OIBDA of $270 - $305 million as revenue growth, driven by the impact of the Peacock transaction, the gradual ramp-up of ticketed live events, including large-scale international events, and the contractual escalation of core content rights fees, is offset by the increase in personnel and television production expenses. The Company is not changing full year guidance at this time. While first quarter 2021 results were up on a year-over-year basis, they were largely driven by the impact of the WWE Network-Peacock licensing agreement, including the upfront revenue recognition related to the delivery of certain WWE Network intellectual property rights, and therefore should not extend into future quarters. Additionally, the guidance range remains highly dependent upon the Company’s ability to stage live events, including large-scale international events

For earnings history and earnings-related data on World Wrestling Entertainment (WWE) click here.

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