Thursday, August 9, 2018
Fox Reports Strong Quarterly Earnings
According to The LATimes, Fox on Wednesday reported adjusted fiscal fourth quarter earnings of 57 cents a share, beating the estimate of 53 cents based on analysts polled by Factset. The earnings represented a large jump from the year-ago quarter, when Fox reported 36 cents per share.
Revenue for the quarter was $7.94 billion, an 18% increase from the $6.75 billion reported in the prior year’s fourth quarter. Analysts had estimated revenue of $7.56 billion for the period.
Fox’s filmed entertainment division swung to an operating profit during the quarter, thanks in part to titles such as “Deadpool 2” and the Oscar-winning “The Shape of Water,” which was from Fox Searchlight. The division posted an operating profit of $289 million for the quarter, compared with a loss of $22 million a year earlier.
The cable network programming division also posted gains at top-rated Fox News, and the company’s sports channels continued to perform well. The division reported operating income of $1.61 billion for the quarter, up from $1.44 billion in the year-earlier period.
Disney is in the process of acquiring most of Fox’s entertainment assets in a $71.3-billion deal. Fox shareholders ratified the acquisition during a meeting in July. The slimmed-down “new” Fox will consist of Fox News, the Fox Business Channel, several sports cable channels as well as the Fox broadcast network.
Posted 3:54:00 AM