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Warner Music reports third-quarter loss ebbing

/ Source: The Associated Press

Warner Music Group Corp., one of the nation's largest recording companies, said Thursday its fiscal third-quarter loss narrowed thanks to higher revenue and shrinking costs.

For the quarter ended June 30, the loss was $14 million, or 10 cents per share, for the three months ended June 30 versus $179 million, or $1.41 per share, a year earlier. The year-ago quarter included costs related to the company's initial public offering. Excluding these, the loss was 34 cents per share.

Revenue climbed 11 percent to $822 million from $742 million, while costs and expenses were $794 million in the latest quarter, versus $834 million a year ago.

According to Thomson Financial, analysts surveyed forecast a loss of 19 cents per share on revenue of $784.8 million, on average.

"Continued execution on our strategy delivered balanced double-digit revenue growth both domestically and internationally, produced significant margin and market share gains and sustained our leadership position in digital," said Edgar Bronfman, Jr., Warner Music Group's chairman and CEO.