For the second quarter, Viacom posted net earnings of $420 million, an increase of 52% from a year ago at this time, reports B&C.
Company executives noted improvements in the advertising market and the economic landscape as a whole, along with moves the company has made.
“We’re not all the way back, but the light is brighter than it’s been for some time,” said Viacom Executive Chairman Sumner Redstone, referring to the economic recovery.
Philippe Dauman, president and CEO of Viacom, said, "Viacom has significantly strengthened its financial position, driving free cash flow and continuing to expand our operating margins, culminating this quarter with the delivery of Viacom’s first quarterly cash dividend. Importantly, this was achieved without sacrificing our investment in programming, which allows us to further build our brands, launch major new hits and create even stronger connections with our audiences."
Viacom’s media networks group revenue was up 6% to $2.1 billion.