RTTNews | Nov 15, 2021 09:11AM EST

09:11 Monday, November 15, 2021 (RTTNews.com) - Warner Music Group Corp. (WMG) said it delivered double-digit growth in adjusted OIBDA and adjusted EBITDA for the fourth quarter. Revenue was up 22.2%, or up 20.8% in constant currency. The company said the revenue increase in the quarter was driven by strong digital revenue growth of 19.0%, or 17.5% in constant currency, across Recorded Music and Music Publishing. Digital revenue represented 67.3% of total revenue in the quarter, compared to 69.1%, a year ago.

Fourth quarter adjusted net income was $69 million compared to $20 million, last year. Adjusted OIBDA increased 25.3% to $218 million.

Fourth-quarter profit per share was $0.05 compared to breakeven per share, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.15, for the quarter. Analysts' estimates typically exclude special items. Net profit to company was $28 million compared to a loss of $1 million. Revenue increased to $1.38 billion from $1.13 billion, a year ago. Analysts on average had estimated $1.35 billion in revenue.

Read the original article on RTTNews ( https://www.rttnews.com/3242424/warner-music-group-q4-adj-profit-rises-revenue-up-22-2-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved