ViacomCBS (VIAC) Tops Q1 EPS by 19c, Revenues Beat

ViacomCBS (NASDAQ: VIAC) reported Q1 EPS of $1.13, $0.19 better than the analyst estimate of $0.94. Revenue for the quarter came in at $6.67 billion versus the consensus estimate of $6.58 billion.

• Financial, Operational and Strategic Progress in Unlocking Value from Merged Company
• Sequential Improvement in Operating Income and Adjusted OIBDA, Diluted EPS and Adjusted Diluted EPS, as well as Operating Cash Flow and Free Cash Flow
• Proactive Response to COVID-19 Included Actions to Significantly Increase Financial Flexibility and Materially Reduce Costs, while Ensuring the Safety of Employees and Supporting Communities
• Significant Growth in Domestic Streaming and Digital Video Revenue, Subscribers and Consumption Reinforces Demand for ViacomCBS Content

Statement from Bob Bakish, President & CEO

“ViacomCBS delivered solid results in our first full quarter, including sequential improvement on key financial metrics, as well as clear operating momentum. In the wake of the COVID-19 pandemic, we also took decisive action to fortify our balance sheet, protect our employees and help communities in need. And through new creative strategies and production models, we continue to deliver must-watch content that big audiences love. Importantly, we are just beginning to tap into the potential of our combined assets, and our growing scale, audience reach and earnings power will become even more apparent as the market rebounds and we put the power of our portfolio behind our streaming strategy. I thank ViacomCBS employees around the world for their adaptive creativity and continued focus on serving our audiences, commercial partners and shareholders amid these unprecedented circumstances.”

For earnings history and earnings-related data on ViacomCBS (VIAC) click here.

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