reported third-quarter earnings of 2 cents a share, well below last year's results but still ahead of Wall Street's expectations.
Analysts were expecting the company to lose 2 cents a share, according to a
First Call/Thomson Financial
The company earned 14 cents a share in the year-ago period.
Net income for the latest quarter was $33 million, lower than last year's $97 million, largely because of costs associated with the company's purchase of CBS.
Revenue did skyrocket though, growing 79% to $5.96 billion from $3.33 billion. The company said the quarter's results were fueled by double-digit ad sales growth across the board, spurred by high ratings for Survivor on CBS and MTV's Video Music Awards.
Viacom remains on track to deliver total earnings before interest, taxes, depreciation and amortization, on a pro forma basis, of $5 billion for the full year. Based on current trends, the company expects to achieve total EBITDA growth of 20% for 2001.