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Warner Music Group Corp. (WMG) Q3 2024 Earnings Call Transcript

Warner Music Group Corp. (WMG) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.28 per share a year ago.

Shares in Warner Music Group Corp. were ahead 4% in premarket trading after the label's earnings matched market expectations and it reiterated guidance for the year.

Financial Highlights Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends Continued Momentum in Music Publishing Led by Strength in Digital and Performance Strong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost Management Reiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60% For the three months ended June 30, 2024 Total revenue decreased 1% , or increased 1% in constant currency Net income increased 14% to $141 million versus $124 million in the prior-year quar ter Operating income increa sed 10% to $207 million versus $189 million in the prior-year quarter Adjusted OIBDA increased 6% to $316 million, versus $297 million in the p rior-year quarter, or 8% in constant currency Cash provided by operating activities increased to $188 million , versus $146 million in the prior-year quarter NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) --

Warner Music Group Corp.'s stock WMG, +1.88% rose 0.9% premarket Wednesday, after the company beat profit estimates for the second quarter, offsetting a small revenue miss. The company had net income of $139 million, or 27 cents a share, for the quarter, up from $122 million, or 23 cents a share, in the year-earlier period.

Warner Music Group (WMG) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Warner Music Group's chief of recorded music operations Max Lousada will step down, the record label conglomerate behind artists such as Radiohead, AC/DC and Madonna, said on Thursday.

After Two Highly Successful Decades at WMG, Max Lousada Announces Decision to Step Down at End of Fiscal Year Creative Regional Leadership to Be Elevated Through Flatter Structure; Greater Impact Through Globalized Services Elliot Grainge Becomes CEO of Atlantic Music Group at Beginning of Fiscal Year 2025; Julie Greenwald to Take New Role as Chairman of Atlantic Music Group NEW YORK ,  August 1, 2024 /PRNewswire/ -- Warner Music Group (Nasdaq: WMG) today unveiled a dynamic new structure for its Recorded Music operations, designed to strengthen services to artists at every stage of their careers, create more direct channels between local expertise and global opportunities, and position the company for long-term growth. As part of this reorganization, Max Lousada , CEO, Recorded Music, has decided to step down at the end of the fiscal year (September 30), after eight highly successful years in the role, and 20 years at WMG.

Warner Music Group (WMG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. will release its financial results on Wednesday, August 7, 2024, for the third quarter ended June 30, 2024, instead of the previously announced reporting date of August 8, 2024. The company will hold an earnings conference call that morning at 8:30 a.m. ET.