Nielsen Holdings PLC (NYSE:NLSN) shares in the green Monday, on announcing results for the quarter ended September 30, 2020.
Third-quarter revenues were $1,563 million, down 3.3% on a reported basis, or down 3.0% on a constant currency basis, compared to the prior year. Nielsen Global Media revenues decreased 3.9% to $836 million on a reported basis, or a decrease of 4.2% on a constant currency basis, compared to the prior year.
Net income for the third quarter was $7 million on a reported basis, compared to a net loss of $472 million in the third quarter of 2019. Net income per share on a diluted basis was $0.02 per share, compared to a net loss per share on a diluted basis of $(1.33) per share for the third quarter of 2019.
Net income increased compared to the prior year as the third quarter of 2019 included an impairment charge of $1,004 million, related to the writedown of goodwill in the company’s Connect segment.
Adjusted earnings per share was $0.43 per share, compared to $0.51 per share in the prior year, due to higher taxes and higher depreciation and amortization expense, partially offset by higher adjusted EBITDA.
According to CEO David Kenny, “We delivered strong results in the third quarter, building on our track record of successful execution.
“All key metrics for both Media and Connect were in-line or ahead of expectations. Our teams moved swiftly to enact our optimization plan, driving operational efficiencies and permanent cost savings. This, in addition to actions taken earlier in the year in response to COVID-19 related revenue pressure, enabled us to drive strong adjusted EBITDA growth and higher free cash flow.”
Shares acquired 90 cents, or 6.7%, to $14.42.