Euro Fluctuation Boosts Warner Music's Net Income — Currency Comment
Provided by
Dow Jones
By Paulo Trevisani
Warner Music Group said Thursday that foreign exchange rates helped boost its fiscal second-quarter results.
The company reported an increase in net income to $96 million in the period ended March 31, from $37 million a year earlier.
Warner said the increase was primarily due to the impact of FX on its euro-denominated debt resulting in a gain of $21 million, compared to a loss of $20 million a year earlier. The company added that the positive impact was partially offset by an increase in interest expense.
The euro lost 2.17% versus the U.S. dollar in the three months through March 29.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
May 09, 2024 11:30 ET (15:30 GMT)
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