WWE up 3.2% as Q1 beats, shows solid income growth

|By:, SA News Editor

World Wresting Entertainment (NYSE:WWE) has picked up 3.2% premarket after it beat on top and bottom lines with its Q1 earnings report and saw operating income growth coming in the second half.

Revenue rose 13% on a pro forma basis (WrestleMania occurred in Q2 this year, vs. Q1 last year), while OIBDA was up 31% and up 29% on pro forma basis.

Revenues by segment: In Media Division, Network, $40.3M (up 7.2%); Television, $60.7M (up 4.3%); Home Entertainment, $3.3M (down 29.8%); Digital Media, $5.4M (up 27.9%); Live Events, $25.3M (down 35.6%). In Consumer Products, Licensing, $21M (up 27.3%); Venue Merchandise, $5.5M (down 34.5%); WWEShop, $6.8M (up 28.3%); WWE Studios, $2M (up 33%).

The WWE Network averaged 1.29M paid subs (up 39%) in growing to 1.47M subs at Q1's end. And it hit a record 1.82M total subs after WrestleMania (again, in Q2 this year). Content drew 10B YouTube views over the past 12 months, the company says.

It's guiding to average paid subs of 1.5M in Q2, and adjusted OIBDA of about $5M-$9M.

Conference call to come at 11 a.m. ET.

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