UPDATE: World Wrestling Entertainment (WWE) Tops Q1 EPS by 5c
(Update corrects consensus)
World Wrestling Entertainment (NYSE: WWE) reported Q1 EPS of $0.18, $0.05 better than the analyst estimate of $0.13. Revenue for the quarter came in at $187.7 million versus the consensus estimate of $194.34 million.
Q2 2018 Business Outlook
The Company anticipates a meaningful increase in revenue based on the distribution of new content in certain international markets, as well as higher rights fees in existing content agreements and the continued growth of WWE Network. The Company projects Adjusted OIBDA of $30 million to $34 million.5 This range of results would compare to Adjusted OIBDA of $24.3 million in the second quarter 2017.
WWE is unable to provide a reconciliation of second quarter guidance to GAAP measures as, at this time, WWE cannot accurately determine all of the adjustments that would be required.
For the second quarter 2018, the Company projects average paid subscribers of approximately 1.77 million, which represents an 8% increase from the second quarter 2017.
2018 Perspective
The range of financial performance projected for the second quarter would result in Adjusted OIBDA for the first half of 2018 that represents growth of 32% to 40% from the prior year period. Based on this projected growth and expectations of strong performance over the remainder of the year, the Company is raising its target for 2018 Adjusted OIBDA to at least $150 million (excluding stock-based compensation expense), which would be an all-time record, exceeding its previous guidance of at least $145 million.
For earnings history and earnings-related data on World Wrestling Entertainment (WWE) click here.