AP Picks Up On WWE's First Quarter Earnings
By Ryan Clark | May 06, 2008
STAMFORD, Conn. - World Wrestling Entertainment Inc., a promoter of wrestling events and other entertainment, said Tuesday its first-quarter profit rose 29 percent, helped by WrestleMania XXIV.
For the period ended March, 31, earnings grew to $19.5 million, or 27 cents per share, compared with $15.1 million, or 21 cents per share, meeting the expectations of analysts polled by Thomson Financial.
Quarterly revenue soared 51 percent to $162.6 million from $107.4 million.
Analysts predicted sales of $131 million.
The company said WrestleMania XXIV contributed $4.6 million to its profit and about $31.3 million to revenue.
Live and televised entertainment revenue jumped to $99.8 million from $63 million, while consumer-products revenue increased to $43.4 million from $37.4 million. Revenue from digital media climbed to $8.1 million from $7 million, while the WWE Films segment added $11.3 million to sales.
Shares of World Wrestling Entertainment (nyse: WWE - news - people ) gained 20 cents to $18.57 in premarket trading. The stock closed at $18.37 Monday.