World Wrestling Entertainment Q2 Revenue Tops Estimate; Raises Guidance

• World Wrestling Entertainment Inc (NYSE: WWE) reported second-quarter FY22 sales growth of 24% year-on-year, to $328.20 million, beating the consensus of $315.52 million.

• The operating expenses for the quarter rose 26% to $196.9 million.

• The operating margin was 21.1%, and operating income for the quarter rose 50% to $69.3 million.

• The company held $443.5 million in cash and equivalents as of June 30, 2022.

• Cash provided by operating activities for the quarter totaled $56.9 million, and the free cash flow was $9.5 million.

• Adjusted OIBDA increased 34% Y/Y to $91.5 million, and the margin increased to 28% from 26%.

• EPS for the quarter was $0.58 versus $0.34 last year.

• The company has revised its previously issued financial statements due to findings during the investigation of alleged misconduct by former Chairman and CEO Vincent K. McMahon and another former executive.

• Related: WWE's Vince McMahon Is Back In The Hot Seat: New SEC Filing Reveals More Information Amid Misconduct Investigation

• Outlook: World Wrestling raised its FY22 adjusted OIBDA outlook to $370 million - $385 million from the prior view of $360 million - $375 million.

• For Q3, the company estimates adjusted OIBDA of $70 million - $80 million.

• Price Action: WWE shares are trading higher by 1.84% at $73.50 in premarket on the last check Tuesday.

• Photo Via Company

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