Fox Shares Higher After Adjusted EPS Comes a Penny Above Expectations

Shares of 21st Century Fox Inc. rose less than 0.1% late Wednesday after the media company reported adjusted quarterly per-share earnings a penny above expectations and revenue slightly under forecasts. Fox reported a net income of $476 million, or 26 cents a share, in the quarter, compared with $567 million, or 30 cents a share, in the year-ago quarter. Adjusted for one-time items, Fox reported earnings of 36 cents a share. Total quarterly revenues of $6.75 billion, a 2% increase from $6.65 billion in the prior-year quarter. Analysts polled by FactSet had expected the company to report GAAP as well as adjusted earnings of 35 cents a share on revenue of $6.80 billion. Fox pinned the revenue growth on higher affiliate and advertising revenue at its cable network programming segment, offset by lower content revenues at its filmed entertainment segment and lower advertising revenues at the television segment. Shares of Fox ended the regular trading session down 0.7%.