SMF Notes ATVI Activision Blizzard beats by $0.06, beats on revs; guides FY12 EPS below consensus, revs below consensus (12.66 +0.11)

 

 

   Reports Q4 (Dec) earnings of $0.62 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.56; revenues fell 5.4% year/year to $2.41 bln vs the $2.21 bln consensus. Co issues guidance for Q1, sees EPS of $0.03, may not be comparable to $0.15 Capital IQ Consensus Estimate; sees Q1 revs of $525 mln, may not be comparable to $794.12 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY12, sees EPS of $0.94 vs. $0.96 Capital IQ Consensus Estimate; sees FY12 revs of $4.500 bln vs. $4.57 bln Capital IQ Consensus Estimate. In March 2012, Activision Publishing expects to release the first Call of Duty: Modern Warfare 3 Content Collection, a compilation of content previously released to Call of Duty Elite premium members, on the Xbox 360 video game and entertainment system from Microsoft. The company's first quarter 2012 outlook does not incorporate a new release from Blizzard Entertainment, but its calendar year 2012 outlook anticipates two releases from Blizzard Entertainment. In addition, the company's full year revenue outlook is expected to be impacted by a reduction of about $130 million in revenues from the company's lower margin distribution and affiliate title businesses and a negative year-over-year foreign exchange planning assumption of approximately $200 million.

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