Sony Profits Swell In Q1; Film Unit Suffers Loss
Sony beat analyst estimates with a 38.8% increase in operating profit for the first quarter of 2015, but its pictures division incurred a $96M loss with no breakout hits released during the period.
The movie and TV division saw an 11.9% drop in sales and operating revenues to $1.4B. Sony, which released Paul Blart: Mall Cop 2, Chappie, Aloha and Insidious: Chapter 3 during the quarter, says the drops are a reflection of the stronger global theatrical performance of films released in the same quarter of the previous fiscal year which included The Amazing Spider-Man 2 and 22 Jump Street.
Last year’s TV sales also had Cloudy With A Chance of Meatballs 2 and Captain Phillips in the mix. Sony currently has Pixels playing in global markets with a cume through Sunday of $49.15M.
The overall operating income climb to $794M was thanks primarily to the music division which saw a "remeasurement gain" to fair value of a 51% equity interest in Orchard Media as well as the sale of a part of the logistics business and certain real estate holdings in Japan.