Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Viacom Profit Up, Declares Dividend

Viacom Inc. (NYSE:VIAB - news) on Thursday reported higher quarterly profit, driven by stronger advertising at its MTV and Comedy Central cable channels and CBS network, and declared its first dividend since 1987.

The media company, home to Paramount Pictures, UPN network and shows like "The Osbournes," also raised its 2003 forecast for revenues and earnings.

Viacom said net income rose to $660 million, or 37 cents a share, in the second quarter, from $547 million, or 31 cents a share, a year earlier.

Revenue rose 10 percent to $6.42 billion while its operating income in the second quarter rose 12 percent amid a boost from its recent purchase of venture partner AOL Time Warner Inc.'s (NYSE:AOL - news) stake in Comedy Central and ad gains.

"Viacom's earnings are pretty solid. Cable networks was a standout," said Jordan Rohan, analyst at SoundView Technology Group, who has an outperform rating on the stock.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.