(RTTNews) - World Wrestling Entertainment Inc. (WWE: News ) reported that its third-quarter net income increased from the previous year quarter.

World Wrestling posted profit of $8.9 million or $0.12 per share compared to $5.2 million or $0.07 per share last year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues increased to $111.25 million from $108.78 million last year. Analysts expected revenues of $105.33 million for the quarter.

Operating income was $14.5 million as compared to $7.9 million in the prior year quarter.

For the nine months net income was $39.1 million or $0.53 per share, as compared to $31.8 million, or $0.43 per share in the prior year period. Total revenues through the nine months ended September 30, 2009 were $357.9 million as compared to $401.1 million in the prior year period.
The company announced that it issuing a revised business outlook, targeting average annual earnings growth between 15% to 20% over the 2009 through 2012 period. The revised outlook is based on a comprehensive review of the company's operations.

Vince McMahon, Chairman and Chief Executive Officer, said, "We believe we can achieve meaningful growth by strengthening our global expansion and television distribution, leveraging our new partnership with Mattel and continuing to improve operating efficiency."

He went on to add that through disciplined cost management, the company expects its operating leverage to deliver outstanding earnings growth with even moderate increases in revenue.

WWE is currently being traded at $14.22 up $0.68 or 5.02% on a volume of 0.226 million shares on the NYSE.

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by RTT Staff Writer

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