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Warner Music Group Corp. (WMG) Misses Q4 EPS by 6c, Revenues Beat

November 23, 2020 7:33 AM EST

Warner Music Group Corp. (NASDAQ: WMG) reported Q4 EPS of $0.00, $0.06 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.11 billion.

For the three months ended September 30, 2020

  • Total revenue was up 0.2% or down 1.1% in constant currency
  • Net income was $1 million versus $91 million in the prior-year quarter
  • OIBDA increased 63% to $155 million versus $95 million in the prior-year quarter
  • Adjusted OIBDA increased 35% to $174 million versus $129 million in the prior-year quarter
  • Adjusted EBITDA increased 33% to $177 million versus $133 million in the prior-year quarter

“We’re proud of everything we’ve accomplished in the past year, despite the challenging conditions that the world has faced. We’re essentially flat against a record-breaking prior year and, during the quarter, we grew 11% on an as-reported basis, excluding the revenue streams most impacted by COVID,” said Steve Cooper, CEO, Warner Music Group. “We’ve had huge successes from global megastars and local hitmakers, breakout sensations and long-time legends. Our streaming growth has stayed strong, and we’ve also seen an acceleration in a whole spectrum of emerging revenue streams such as social media, gaming, and in-home fitness. In this increasingly complex environment, where music is woven into every aspect of our lives, our creative expertise and global reach are more valuable than ever.”

“Our results are underpinned by the continued momentum we are seeing in streaming and the operating leverage driven by our digital transformation and business optimization initiatives,” added Eric Levin, Executive Vice President and CFO, Warner Music Group. “As we look toward the future, we are confident in our long-term growth prospects, particularly as the areas of our business that have been most impacted by COVID return to normal.”

For earnings history and earnings-related data on Warner Music Group Corp. (WMG) click here.



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