Viacom Adjusts Earnings Downward
Viacom updated its 2008 full-year business outlook based on "continuing difficult economic conditions." The company says it now expects to deliver growth in adjusted diluted earnings per share in a range of mid-single to lower double-digits for the full year. In 2007, it reported adjusted diluted earnings of $2.36 for the year.
Based on preliminary information, Viacom expects earnings for the third quarter to be 53 to 55 cents a share, and said its third-quarter performance will be impacted by an approximately 2% decline in worldwide ad revenue, all of it apparently attributable to U.S. operations.
Viacom will detail its condition following the reporting of third-quarter results on Nov. 3. Analysts had expected Viacom would post earnings of 67 cents a share.