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 Send to email | Warner Music (WMG) Q3: Not Awful in WMG |  By Silicon
el 07-Aug-2008 |
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At first glance Edgar Bronfmans Jr.'s Warner Music Group (WMG) has handily beaten Wall Street's low expectations for its Q3: Even allowing for the effect of the weak dollar, revenues trumped conensus, and the net EPS loss seems to have handily beaten expecations. This will feel particularly satisfying to the Warner guys after Goldman's Ingrid Chung downgraded the company earlier in the week.
Revenue: $848 million ($795 million net of Forex), up 5% y/y, vs. $769 million consensus. Excluding Forex, a 1.1% decline, which by music business standards is good. Domestic revenue down 6.5%; International up 17.2% but 3.6% net of Forex.
EPS: Loss of 6 cents per share, an improvement over the 11-cent loss last year, and way better than consensus of 18-cent loss. Checking now to make sure we're not missing one-time benefits.
Operating income: $51 Million, up 10.9% y/y; margin improved by 0.3%.
FCF: $93 million, up from $57 million a year ago. A healthy improvement and an important onegiven WMG's debt convenant concerns.
Digital revenue: $166 million (about 20% of total revenue) up 39% y/y and 1% from Q2
See Also: Goldman Says Warner Music Ready For A Fall; Warner Music Falls
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| Warner Music Group On Board with Nokia?s Comes With Music |  This morning Nokia announced a major victory in its fight to become a digital music retailer. Warner Music Group, one of the biggest record labels in the industry, has signed on as a content provider for Nokia’s still-unfolding ‘Comes With Music’ offering. We have discussed Comes With Music a few times here on BGR but [...] [..] Read complete article | | Published 01-Jul-2008 by Zach Epstein in NewsNokiaServicesComes with MusicfreeGroupmp3musicmusic downloadsWarner
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