PWTorch.com - WWE Q2 RESULTS: WWE reports Second Quarter 2015 revenue & earnings, McMahon and Barrios comment on the quarter

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WWE Q2 RESULTS: WWE reports Second Quarter 2015 revenue & earnings, McMahon and Barrios comment on the quarter

Jul 30, 2015 - 8:00:01 AM

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By James Caldwell, PWTorch assistant editor

WWE reported Second Quarter 2015 revenue of $150.2 million, down slightly from $156.3 million in Q2-2014 due to the comparability of WrestleMania.

WM31 business has already been accounted for in Q1-2015 earnings. Last year's Mania occurred in the second quarter.

The current quarter revenue exceeded analyst expectations of $148.7 million.

WWE also exceeded expectations on earnings, reporting Net Income of $5.1 million as the company starts to reach "cruising altitude" on the Network following the expensive ramp-up period in 2014.

In WWE's Second Quarter earnings report, WWE executives commented on long-term revenue growth potential and the impact of TV Rights Revenue.

“Our strong earnings growth was driven primarily by the expansion of WWE Network subscribers, the escalation of our television rights fees as well as strong sales of our franchise video game. For the quarter, our OIBDA surpassed our expectations,” said financial executive George Barrios.

“The ramp-up of WWE Network subscribers, while exhibiting a seasonal pattern, continued to show strong year-over-year growth. Our success in developing WWE Network, maximizing our television rights fees and driving revenue growth from our global markets reinforces our long-term potential.”

WWE CEO Vince McMahon's comments focused on WWE "transforming the legacy PPV business into a global subscription business."

“We have made meaningful progress executing our key strategic initiatives, including the achievement of significant international growth and increased engagement across our digital and social media platforms," McMahon said.