Sony BMG Music Entertainment reported a seven-fold jump in third quarter net income thanks to increased cost savings and reduced restructuring charges.
The company posted net income of $178 million on sales of $1.49 billion for the three months ended Dec. 31. Bolstering Sony BMG’s performance was a $121 million drop in restructuring charges, a signal that the music giant is largely finished with the integration of Sony and BMG’s operations. Sales declined less than 1% during the quarter.
Sony BMG’s financials were announced as part of Sony Corp.’s overall third quarter results. Sony recorded equity in net income of $87 million from the Sony BMG joint venture during the quarter.
Top selling artists for the period included Il Divo, Kelly Clarkson and Kenny Chesney.