Warner Bros.’ Stock on Track for Worst Day in Two Years After Warning About Debt

Warner Bros. Discovery will not meet deleveraging targets by the end of 2024 without a recovery in TV ads, CFO warns Warner Bros. Discovery Inc.’s stock tumbled 18% Wednesday to put it on track for its worst one-day performance in more than two years, after the studio and streaming-video company reported a wider-than-expected third-quarter loss. Adding to the gloom, the company (WBD) warned on its call that it would not meet debt-repayment targets if the TV ad market fails to revive. The company’s loss came to $417 million, or 17 cents a share, for the quarter, narrower than the loss of $2.31 billion, or 95 cents a share, posted in the year-ago period. But it was wider than the FactSet consensus for a loss of 9 cents a share. Revenue grew 1.6% to $9.98 billion, just above the FactSet consensus of $9.97 billion. Read also: Cinemark is well-positioned for postpandemic

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Walt Disney Fiscal Q4 Non-GAAP Earnings, Revenue Rise

Walt Disney (DIS) reported fiscal Q4 non-GAAP earnings Wednesday of $0.82 per diluted share, up from $0.30 a year earlier. Analysts polled by Capital IQ expected $0.71. Revenue for the quarter ended Sept. 30 was $21.24 billion, up from $20.15 billion a year earlier. Analysts surveyed by Capital IQ expected $21.41 billion. “We continue to aggressively manage our cost base, and have increased our annualized efficiency target to $7.5 billion, versus $5.5 billion previously,” the company said.

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Occidental Petroleum Q3 Adjusted Earnings, Revenue Decline

Occidental Petroleum (OXY) reported Q3 adjusted diluted earnings late Tuesday of $1.18 per share, down from $2.44 a year ago. Analysts polled by Capital IQ expected $0.86 normalized. Revenue for the quarter that ended Sept. 30 was $7.40 billion, down from $9.50 billion a year earlier. Analysts surveyed by Capital IQ expected $6.96 billion.

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