Vivendi's Music Business Plays a Profitable Tune
Vivendi (NASDAQOTH: VIVHY) reported its first half of 2019 results on July 25 and it gave investors a lot to like. Revenue was up 13.6%, EBITA -- earnings before interest, taxes, and amortization (similar to U.S. EBITDA) -- was up 32%, and net income attributable to shareholders surged 320% (though only 41% adjusting for non-recurring items).
The biggest driver behind Vivendi's revenue and profit surge was Universal Music Group, or UMG, which reported record revenue of 3.26 billion euros and 481 million euros of EBITA. Moreover, the company announced the execution of a massive share buyback in recent months that's likely to get even bigger once it completes the plan to sell a stake in UMG in the near future.
Image source: Getty Images.
Quelle Fool.com
