Warner Music Group Corp. (NASDAQ:WMG) today announced its financial results for the third quarter of the fiscal year ended June 30, 2024.
The company reported a slight decline in total revenue by 1%.
Despite the revenue drop, Warner Music's net income surged by 14%, reaching $141 million.
This increase is part of a broader positive trend, as operating income also rose by 10% to $207 million, up from $189 million in the same quarter last year.
Furthermore, the company's adjusted Operating Income Before Depreciation and Amortization (OIBDA) climbed 6% to $316 million, compared to $297 million in the prior-year quarter.
When adjusted for constant currency fluctuations, this growth rate expands to 8%.
Cash flow from operations was another strong area, with a 29% increase to $188 million, up from $146 million in the prior-year quarter.
This robust performance supports the company's reiteration of its full-year operating cash flow conversion guidance, which remains set at 50-60%.