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Twenty-First Century Fox Conference Call Highlights

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Twenty-First Century Fox (NASDAQ: FOXA) reported its fourth quarter earnings on Thursday. Shares of the company are up more than five percent.

Below are some key highlights:

Share Buyback:

• In that regard, our board authorized a new $6 billion share buyback program.
• It is effective immediately and will be completed within 12 months just as we have completed the $4 billion share buyback program authorized last August.
• We believe buying our own stock when it is under-priced represents a unique opportunity to maximize shareholder value over the long-term.
• And at these levels, we believe our stock is severally undervalued.

Results:

• For the full-year, total revenues were $31.9 billion, up 15 percent over year-ago levels, led by double-digit revenue growth at the Cable Network and Film segments
• Total segment EBITDA for the year was $6.72 billion, 7 percent higher than the prior year.
• Reported net income from continuing operations this year was $3.8 billion, or $1.67 per share.
• Additionally, our full-year results include gains of $134 million from participating in BSkyB's buyback program.
• From the revenue side, the increase by $1.2 billion to $8.4 billion in the quarter, led by a 38 percent increase at the Film segment and double-digit growth at the Cable Network and DBS segments.
• This year's fourth quarter reflected the recognition of various tax benefits, which reduced our overall effective tax rate in the quarter and the full-year to approximately 25 percent.
• International Channel EBITDA contributions were up 12 percent on a local currency basis, led by higher FIC and STAR Entertainment contributions.

Guidance:

• So overall, our company is well positioned to continue our planned growth trajectory in fiscal 2015
• We forecasted at least a doubling of the DBS segments EBITDA over the 2013 levels by fiscal 2016.
• In fiscal 2016, Cable segment revenue growth will be led by affiliate fee gains and expense growth at the new channels will decelerate since our new stepped up U.S. rights deals will be in their second year.
• And there will be lower rights costs at STAR Sports due to fewer marquee cricket events.

Posted-In: Earnings News Guidance

 

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