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WWE BEATS PROFIT EXPECTATIONS, PLANS $500M BUYBACK PROGRAM

Posted February 7th, 2019 by 1Wrestling News Team

By Micah Maidenberg

World Wrestling Entertainment Inc. (WWE) said it gained subscribers to its television network at the end of last year, helping the company report better-than-expected earnings.

The wrestling-focused media company reported net income rose to $41.2 million, or 46 cents a share, from $4.8 million, or 6 a share, the year earlier when the company took a charge related to its deferred tax assets. Analysts expected 28 cents a share, according to FactSet.

Fourth-quarter sales increased 29% to $272.5 million, beating the $255.4 million analysts predicted.

World Wrestling said Thursday its average paid subscribers to the WWE Network rose 7% to about 1.6 million in the fourth quarter.

This year, the company expects revenue of about $1 billion and an adjusted profit that excludes stock-based compensation of $200 million. World Wrestling also forecast $70 million to $90 million in capital expenditures this year.

The company also said its board has authorized a new $500 million stock buyback program.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

Category: Wrestling.

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