Fox’s earnings beat expectations, but narrowly missed revenues
Twenty-First Century Fox (FOX) (FOXA) reported its fiscal 4Q17[1. fiscal 4Q17 ended June 2017] results on Wednesday, August 9. The company’s earnings beat expectations, but its fiscal 4Q17 revenues narrowly missed forecasts.
In fiscal 4Q17, the media giant posted earnings per share (or EPS) of $0.36 against expectations of $0.35 per share. Its revenues came in at $6.75 billion, narrowly missing Wall Street expectations of $6.77 billion. Its earnings fell 20% compared to EPS of $0.45 in fiscal 4Q16. The company’s revenues rose 2.8% from $6.6 billion in fiscal 4Q16.
Fox reported fiscal 2017 numbers
Twenty-First Century Fox also reported its fiscal 2017 results on August 9. Fox’s annual net profit came in at $3.0 billion ($1.61 per share), compared with its fiscal 2016 net profit of ~$2.8 billion ($1.42 per share). Its annual revenues came in at $28.5 billion, which is 4% higher than in fiscal 2016.
Fox News continued to perform well even without its long-time cornerstone, Bill O’Reilly, and offset the slowdown in the box office and weaker television ad revenues. Cable programming revenues rose 10.5% to ~$4.3 billion from fiscal 4Q6.
Its television ad revenues fell 3.8% to $1.00 billion from $1.04 billion in fiscal 4Q16, and its revenues from the box office fell 11.8% to $1.80 billion.
In fiscal 4Q17, the company had a hit with the DreamWorks animated film Boss Baby. However, the horror sequel Alien: Covenant faltered, and Snatched, a comedy, disappointed at the box office. Fox stock fell 1.1% on August 9.