Viacom on today said third-quarter net profit rose as stronger advertising sales from MTV and the CBS television network offset sluggish demand for radio advertising.
The company said net income rose to $700 million, or 40 cents per share in the quarter, compared to a profit of $640 million, or 36 cents a share, in the year-earlier period.
Advertising sales rose 8 per cent in the quarter, which helped boost overall revenue by 5 per cent to $6.6 billion, from $6.31 billion in the year-earlier period.
New York-based Viacom - home to Paramount Pictures, the UPN Network and Infinity Broadcasting radio - also issued financial guidance for 2004 that was on a par with 2003 growth projections.
Viacom is relying on a boost in advertising sales next year from event-driven programming, such as CBS's broadcast of the Super Bowl and a roster of political coverage, company executives said.
Viacom backed its prior financial targets for full year 2003 of mid-to high-single digit growth in revenue and operating income, with low-to mid-teen growth in earnings per share.
For the full year 2004, Viacom said revenue will grow by 5 per cent to 7 per cent, and earnings per share are expected to grow 13 per cent to 15 per cent.