WWE (NYSE:WWE) earnings for first quarter of 2020 have its stock heading higher on Friday. That’s thanks to its adjusted earnings per share (EPS) of 41 cents eclipsing Wall Street’s estimate of 8 cents. The wrestling entertainment company’s revenue of $291 million also easily beats out analysts’ estimates of $269.88 million.
Here are some additional highlights from the most recent WWE earnings report.
- Adjusted per-share earnings are up 272.73% from 11 cents during the first quarter of 2019.
- Revenue is sitting 59.54% higher than the $182.4 million reported in the same period of the year prior.
- Operating income of $53.3 million is a shift year-over-year from an operating loss of $6.8 million.
- The WWE earnings report also includes a net income of $26.2 million.
- That’s a major improvement over its net loss of $8.4 million from the same time last year.
Vince McMahon, chairman and CEO of WWE, said this in the earnings report:
“Our first quarter financial performance was strong and largely unimpacted by the COVID-19 outbreak. Now we are in the midst of unprecedented times, which require us to be especially nimble, creative and efficient in order to ensure the long-term value of WWE. We are taking precautions to protect the health and safety of our performers and staff as we produce content in new ways, engage fans with a much-needed diversion and operate effectively in this evolving environment.”
WWE doesn’t reintroduce 2020 guidance in its current earnings report. It previously withdrew the outlook due to the novel coronavirus.
WWE stock was up 14.64% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.