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Twenty-First Century Fox (FOXA) Stock Drops on Earnings Beat, Revenue Miss
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Twenty-First Century Fox, Inc. (FOXA - Free Report) just released its third-quarter 2017 financial results, posting earnings of $0.54 per share and revenues of $7.56 billion.
Currently, FOXA is a Zacks Rank #3 (Hold), but this ranking could change based on today’s results. The stock is down 2.72% to $27.90 per share in after-hours trading shortly after its earnings report was released.
FOXA:
Beat earnings estimates. The company posted earnings of $0.54 per share (excluding $0.11 from non-recurring items), beating the Zacks Consensus Estimate of $0.47 per share.
Missed revenue estimates. The company saw revenue figures of $7.56 billion, missing our consensus estimate of $7.68 billion.
FOXA’s quarterly revenues jumped by 5% year-over-year. The company attributed much of its revenue growth to higher TV advertising revenue—especially from Super Bowl LI.
Increased affiliate television revenues helped FOXA offset lower content revenues from its 20th Century Fox film segment.
The company’s domestic affiliate revenues rose 8% due in large part to contractual rate increases led by Fox News Channel, FS1, and FX Networks. FOXA’s local advertising revenue was flat for the quarter with its National Geographic sector offsetting Fox News and FS1’s strong quarter.
FOXA’s quarterly income from continuing operations fell by $139 million sequentially.
The media giant remains confident that its proposed buyout of U.K.-based media company Sky, which was recently approved unconditionally by the European Commission, will be fully approved soon. FOXA expects the acquisition to create a major new revenue stream.
“We delivered a quarter marked by operational momentum and strong domestic affiliate fee growth,” FOXA Executive Chairmen Rupert and Lachlan Murdoch said in a joint statement. “We continue to demonstrate our ability to capture opportunities to grow distribution of our domestic portfolio of video brands, whether through established MVPD partners or new digital entrants such as Hulu’s recently launched live television service.
“We made progress in the quarter against our key strategic priorities, exemplified by our creative successes across screens, from theatrical releases Logan and Hidden Figures to new FX debuts of Legion, Feud and Taboo.”
Here’s a graph that looks at FOXA’s Price, Consensus and EPS Surprise history:
Twenty-First Century Fox, Inc. Price, Consensus and EPS Surprise
Twenty-First Century Fox, Inc. is involved in creating and distributing media services. Its business portfolio consists of cable, broadcast, film, pay TV and satellite assets. Twenty-First Century Fox, Inc., formerly known as News Corporation, is based in New York, United States.
Check back later for our full analysis on FOXA’s earnings report!
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Twenty-First Century Fox (FOXA) Stock Drops on Earnings Beat, Revenue Miss
Twenty-First Century Fox, Inc. (FOXA - Free Report) just released its third-quarter 2017 financial results, posting earnings of $0.54 per share and revenues of $7.56 billion.
Currently, FOXA is a Zacks Rank #3 (Hold), but this ranking could change based on today’s results. The stock is down 2.72% to $27.90 per share in after-hours trading shortly after its earnings report was released.
FOXA:
Beat earnings estimates. The company posted earnings of $0.54 per share (excluding $0.11 from non-recurring items), beating the Zacks Consensus Estimate of $0.47 per share.
Missed revenue estimates. The company saw revenue figures of $7.56 billion, missing our consensus estimate of $7.68 billion.
FOXA’s quarterly revenues jumped by 5% year-over-year. The company attributed much of its revenue growth to higher TV advertising revenue—especially from Super Bowl LI.
Increased affiliate television revenues helped FOXA offset lower content revenues from its 20th Century Fox film segment.
The company’s domestic affiliate revenues rose 8% due in large part to contractual rate increases led by Fox News Channel, FS1, and FX Networks. FOXA’s local advertising revenue was flat for the quarter with its National Geographic sector offsetting Fox News and FS1’s strong quarter.
FOXA’s quarterly income from continuing operations fell by $139 million sequentially.
The media giant remains confident that its proposed buyout of U.K.-based media company Sky, which was recently approved unconditionally by the European Commission, will be fully approved soon. FOXA expects the acquisition to create a major new revenue stream.
“We delivered a quarter marked by operational momentum and strong domestic affiliate fee growth,” FOXA Executive Chairmen Rupert and Lachlan Murdoch said in a joint statement. “We continue to demonstrate our ability to capture opportunities to grow distribution of our domestic portfolio of video brands, whether through established MVPD partners or new digital entrants such as Hulu’s recently launched live television service.
“We made progress in the quarter against our key strategic priorities, exemplified by our creative successes across screens, from theatrical releases Logan and Hidden Figures to new FX debuts of Legion, Feud and Taboo.”
Here’s a graph that looks at FOXA’s Price, Consensus and EPS Surprise history:
Twenty-First Century Fox, Inc. Price, Consensus and EPS Surprise
Twenty-First Century Fox, Inc. Price, Consensus and EPS Surprise | Twenty-First Century Fox, Inc. Quote
Twenty-First Century Fox, Inc. is involved in creating and distributing media services. Its business portfolio consists of cable, broadcast, film, pay TV and satellite assets. Twenty-First Century Fox, Inc., formerly known as News Corporation, is based in New York, United States.
Check back later for our full analysis on FOXA’s earnings report!
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>