- Warner Music Group Corp (NASDAQ:WMG) reported fourth-quarter FY22 revenue growth of 8.8% year-on-year to $1.497 billion, beating the consensus of $1.42 billion.
- Recorded Music revenue grew 6% Y/Y to $1.24 billion. Music Publishing increased 24% Y/Y to $254 million, and Digital grew 7% Y/Y to $989 billion.
- Adjusted OIBDA margin decreased 50 bps to 19.9% due to revenue mix and growth of lower-margin revenue streams.
- Adjusted EBITDA margin increased 190 bps to 17.7%.
- Adjusted net income was $170 million versus $69 million a year ago.
- GAAP EPS was $0.28 versus $0.05 the prior year.
- Warner Music generated $406 million (+78% Y/Y) in operating cash flow and held $584 million in cash and equivalents. Free cash flow rose 91% Y/Y for $368 million.
- Steve Cooper, CEO of Warner Music Group, said, “Our strong fourth quarter and full-year results were driven by our talented artists, songwriters, and teams, across a wide range of genres, geographies, and generations…. We’re excited to have Robert Kyncl joining next year as WMG’s new CEO as we enter the next dynamic phase of our evolution.”
- Price Action: WMG shares closed lower by 0.88% at $26.98 on Monday.
B. Riley Securities Maintains Neutral on IVERIC bio, Raises Price Target to $19
B. Riley Securities analyst Yuan Zhi maintains IVERIC bio (NASDAQ:ISEE) with a Neutral and raises the price target from $17 to $19.
