BUZZ-Warner Music down after quarterly profit miss on restructuring, debt costs

Reuters
2024-11-21

** Media company Warner Music Group's shares fall 3.5% to $32.51 premarket

** Co reports fiscal Q4 EPS of 8 cents vs analysts' estimates of 28 cents - data compiled by LSEG

** Says EPS decline is on net income falling 69% to $48 mln

** Attributes the fall to restructuring costs, higher interest expense due to rise in co's variable rate debt costs and impact of exchange rates on the co's Euro-denominated debt

** But posts Q4 revenue of $1.63 bln vs analysts' estimates of $1.59 bln, driven by growth in recorded music category

** Up to Wednesday's close, stock had fallen 6% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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