May 9, 2018 / 6:04 AM / 16 days ago

ProSieben steadies ship in Q1 after CEO departure

FRANKFURT, May 9 (Reuters) - German broadcaster ProsiebenSat.1 Media SE reported steady first-quarter results following the departure of its CEO and a business restructuring in response to weakness in its core TV advertising operation.

Munich-based ProSieben said on Wednesday adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 7 percent to 200 million euros ($237 million), just beating the 5 percent gain seen by analysts in a Reuters poll.

Adjusted net income grew by 6 percent to 93 million euros, again slightly ahead of analysts’ expectations.

Chief Executive Thomas Ebeling stepped down early in the year after completing a restructuring at ProSieben that bundled its e-commerce activities and brought in investor General Atlantic to help develop the business.

The transition is not complete, however, with his designated successor Max Conze, the former CEO of UK appliances maker Dyson, not due to take up his role until next month.

ProSieben’s first-quarter revenues declined by 3 percent to 881 million euros, in line with expectations, although the company said that, adjusted for consolidation and currency effects, revenues had risen by 1 percent.

It maintained guidance for the full year that revenues would grow by low- to mid-single digits, while its adjusted EBITDA margin would be stable in the mid-20s percentage range.

ProSieben did caution that adjusted EBITDA would weaken in the second and third quarters, due to consolidation and seasonal effects, before picking up in the typically strong fourth quarter. ($1 = 0.8435 euros) (Reporting by Douglas Busvine Editing by Maria Sheahan)

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