AP Picks Up On WWE's First Quarter Earnings

AP Picks Up On WWE's First Quarter Earnings
Reported by: Ryan Clark

Updated on May 6, 2008 2:19 PM EST

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The Associated Press released the following this morning:

STAMFORD, Conn. - World Wrestling Entertainment Inc., a promoter of wrestling events and other entertainment, said Tuesday its first-quarter profit rose 29 percent, helped by WrestleMania XXIV.

For the period ended March, 31, earnings grew to $19.5 million, or 27 cents per share, compared with $15.1 million, or 21 cents per share, meeting the expectations of analysts polled by Thomson Financial.

Quarterly revenue soared 51 percent to $162.6 million from $107.4 million.

Analysts predicted sales of $131 million.

The company said WrestleMania XXIV contributed $4.6 million to its profit and about $31.3 million to revenue.

Live and televised entertainment revenue jumped to $99.8 million from $63 million, while consumer-products revenue increased to $43.4 million from $37.4 million. Revenue from digital media climbed to $8.1 million from $7 million, while the WWE Films segment added $11.3 million to sales.

Shares of World Wrestling Entertainment (nyse: WWE - news - people ) gained 20 cents to $18.57 in premarket trading. The stock closed at $18.37 Monday.

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