Twenty-First Century Fox Beats Q3 Estimates
Twenty-First Century Fox Inc (NASDAQ: FOXA) reported financial results Tuesday for the three months ended September 30, 2014.
The company reported quarterly revenues of $7.89 billion, above estimates of $6.25 billion, an $826 million or 12 percent increase over the $7.06 billion of revenue in the prior year quarter.
The revenue increase primarily reflected a 15 percent increase at the Cable Network Programming segment from higher affiliate and advertising revenues, coupled with 17 percent growth at the Filmed Entertainment segment led by higher theatrical revenues.
Current year quarterly results included a $287 million increase in Equity earnings from affiliates, primarily reflecting the company’s share of British Sky Broadcasting Group plc's (“BSkyB”) gain on the sale of shares in ITV.
The company reported quarterly income from continuing operations attributable to stockholders of $1.04 billion ($0.48 per share), as compared to $768 million ($0.33 per share) reported in the corresponding period of the prior year. Adjusted earnings per share were $0.39, above estimates of $0.36.
Chairman and Chief Executive Officer Rupert Murdoch said, “Our strong earnings and revenue growth in the quarter were driven by continued momentum at our Cable Network Programming and Filmed Entertainment segments, reflecting sustained increases in affiliate fees as well as the global box office success of Dawn of the Planet of the Apes and The Fault in Our Stars. Additionally, we continued our focus on driving long-term value through our planned investments in a number of our growing brands, most notably our new channels FXX, Fox Sports 1 and STAR Sports.”
Twenty-First Century Fox traded at $33.63 in the after-hours session, up 0.90 percent.
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