21st Century Fox reported fourth quarter adjusted EPS of $US0.42 on revenue $US8.42 billion.
Analysts were looking for adjusted earnings per share of $US0.38 on revenue of $US8 billion, according to data from Bloomberg.
In immediate reaction to the news, shares were up 1.6%.
By segment, Fox reported cable network revenue of $US3.35 billion, up from $US2.95 billion a year ago, with TV revenue coming in at $US1.03 billion and filmed entertainment revenue coming in at $US2.8 billion.
Fox’s filmed entertainment revenue grew 38% in the fourth quarter, with the company attributing this growth in part to the success of “X-Men: Days of Future Past,” which has grossed $US740 million to date.
In its TV segment, however, Fox’s operating income before depreciation and amortization, or OIBDA, fell to $US145 million from $US213 million the prior year, with the company saying that increased retransmission consent revenues were more than offset by lower advertising revenues. Ad revenues in the TV segment fell 11% from the prior year led by declines in “American Idol” ratings.
Fox also reported its annual results, with revenues increasing 15% over the prior year to $US31.87 billion.
Fox’s earnings announcement comes one day after the company said it had withdrawn its offer to acquire Time Warner. Concurrent with that announcement, the company also authorised a $US6 billion share repurchase program, which it expects to complete in the next year.
More to come …
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