Viacom, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the company reported revenues of $3,344 million against $3,197 million a year ago. Quarterly revenues rose 5% to $3.34 billion, driven by increases across the business. Operating income was $935 million against $960 million a year ago. Net earnings from continuing operations attributable to the company were $500 million or $1.20 per diluted share against $547 million or $1.20 per diluted share a year ago. Adjusted net earnings from continuing operations attributable to the company were $538 million or $1.29 per diluted share against $547 million or $1.20 per diluted share a year ago. Quarterly adjusted net earnings attributable to Viacom declined 2%, principally due to the 4% negative impact of foreign currency exchange rates, as well as higher interest costs. Earnings before provision for income taxes were $790 million against $837 million a year ago. The company generated $57 million in free cash flow compared to $278 million last year. The decline in free cash flow in the quarter was principally due to the higher working capital utilization. Adjusted operating income was $959 million against $960 million a year ago. Adjusted pre-tax earnings were $814 million.

For 2015, the company is now forecasting a book tax rate of 32.3%.