Twenty-First Century Fox, Inc. FOXA came out with first-quarter fiscal 2016 results, wherein adjusted earnings of 38 cents per share came a penny ahead of the Zacks Consensus Estimate. However, the bottom-line slipped 2.6% year-over-year.
Including one-time items, earning per share from continuing operations came in at 34 cents per share, down from 48 cents reported in the prior year quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and fiscal 2017 has been trending downwards, in the last 30 days.
However, in the trailing four quarters, excluding the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 12%.
Revenues: Total revenues dropped 6.3% year over year to $6,077 million, which also missed the Zacks Consensus Estimate of $6,464 million. Strength noted in the Cable Network Programming was more than offset by weakness witnessed in the Filmed Entertainment segment and currency headwinds.
Key Events: During the quarter, the company repurchased 66 million shares worth $2 billion.
Zacks Rank: Currently, Twenty-First Century Fox carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Check back later for our full write up on Twenty-First Century Fox’s earnings report!
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