Warner Music Loss Narrower Than Views
NEW YORK (
) --
Warner Music
(WMG) - Get Free Report
swung to a first-quarter loss from a year earlier when the period benefited from a gain on the sale of an investment.
Warner Music said the loss in the quarter was $17 million, or 11 cents a share. A year earlier, earnings were $23 million, or 15 cents a share, including a gain of 24 cents a share related to the sale of the company's investment in Front Line Management.
Analysts surveyed by Thomson Reuters forecast a first-quarter loss of 13 cents a share.
Total revenue in the quarter rose 3% to $918 million. Digital revenue of $184 million was up 8% from a year earlier but flat sequentially.
Warner Music said it had strong international results -- international revenue rose 12.1% -- while U.S. results "were tempered by continued general economic pressures and the transition from physical sales to digital sales in the recorded music industry."
-- Reported by Joseph Woelfel in New York.
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