Twenty-First Century Fox FOX reported its fourth quarter earnings on Thursday. Shares of the company are up six percent.
Below are some key highlights:
Share Buyback:
• In that regard,
yesterday, 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% 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% 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% 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%.
• International Channel EBITDA contributions were up 12% 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in