Stocks/Earnings

Earnings Up at 21st Century Fox

Cable networks' income flat in programmer's fiscal Q4 8/03/2016 5:08 PM Eastern

21st Century Fox reported higher net income for its fiscal fourth quarter.

 

Net income rose to $567 million, or 30 cents a share, from $87 million, or 6 cents a share, a year ago, when the company had costs associated with the sale of Sky and Endemol Shine Group. Segment operating income was $1.45 billion, compared with $1.54 billion last year.

 

Revenue rose 7% to $6.65 billion.

 

"We delivered full-year revenue and earnings growth on the strength of gains in affiliate and advertising revenues despite considerable foreign exchange headwinds and difficult film comparisons," said executive chairmen Rupert and Lachlan Murdoch.

 

21st Century Fox's cable network programming segment reported flat operating income in the quarter despite a 10% increase in revenue. Revenue was up 10%, but expenses rose 15% as sports programming costs went up and political coverage costs increased at Fox News Channel.

 

Read more at broadcastingcable.com.

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