Upcoming AWS Coverage on CBS Corp. Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 26, 2017 / Active Wall St. announces its post-earnings coverage on Twenty-First Century Fox, Inc. (NASDAQ: FOXA). The Company posted its financial results for the third quarter fiscal 2017 (Q3 FY17) on May 10, 2017. The New York-based Company reported a 5% y-o-y growth in its total quarterly revenues, whereas its adjusted quarterly EPS from continuing operations rose 15% y-o-y. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Twenty-First Century Fox's competitors within the Entertainment - Diversified space, CBS Corp. (NYSE: CBS), reported on May 04, 2017, earnings results for Q1 2017. AWS will be initiating a research report on CBS Corp. in the coming days.

Today, AWS is promoting its earnings coverage on FOXA; touching on CBS. Get our free coverage by signing up to:
http://www.activewallst.com/register/.

Earnings Reviewed

During the quarter ended on March 31, 2017, 21st Century Fox reported total revenue of $7.56 billion, which came in above the $7.23 billion recorded at the end of Q3 FY16. However, total revenue numbers for Q3 FY17 lagged behind market consensus estimates of $7.68 billion. The Company attributed the total revenue growth to higher advertising revenue from Television segment, led by the broadcast of Super Bowl LI, and higher affiliate revenues at both the Cable Network Programming and Television segments, partially offset by lower content revenues at the Filmed Entertainment segment.

The cable TV channels operator's income from continuing operations attributable to 21st Century Fox's stockholders fell to $811 million, or $0.44 per diluted share, in Q3 FY17 from $844 million, or $0.44 per diluted share, in Q3 FY16. However, the Company's adjusted earnings from continuing operations attributable to 21st Century Fox's stockholders rose to $1.00 billion, or $0.54 per diluted share, in Q3 FY17 from $907 million, or $0.47 per diluted share, in Q3 FY16. Wall Street had expected the Company to report adjusted earnings of $0.47 per diluted share.

Operational Metrics

For the reported quarter, the Company's operating expenses came in at $4.76 billion compared to $4.47 billion in Q3 FY16. The Company's income from continuing operations before income tax expense fell $139 million to $1.25 billion in Q3 FY17 from $1.39 billion reported in the prior year's same quarter. Furthermore, total segment operating income before depreciation and amortization (OIBDA) for Q3 FY17 came in at $1.94 billion rising $57 million, or 3%, from $1.88 billion reported in Q3 FY16.

Segment-Wise

21st Century Fox's Cable Network Programming segment reported a 2% growth in total revenues in Q3 FY17 to $4.02 billion from $3.94 billion in Q3 FY16. The segment's OIBDA grew 5% to $1.45 billion in Q3 FY17 from $1.38 billion in the previous year's comparable quarter.

Television segment's revenue rose 30% to $1.69 billion in Q3 FY17 from $1.30 billion in the previous year's same quarter. Furthermore, the segment reported OIBDA of $190 million in Q3 FY17, surging 52% from $125 million in Q3 FY16.

The Company's Filmed Entertainment segment's revenue came in at $2.26 billion in Q3 FY17 compared to $2.32 billion in Q3 FY16. Moreover, the segment's OIBDA for the reported quarter stood at $373 million versus $470 million in the year ago same quarter.

Cash Flow & Balance Sheet

During the first three quarters of FY17, net cash provided by operating activities of continuing operations increased to $2.42 billion from $2.01 billion in the prior year's comparable period. At the close of books on March 31, 2017, 21st Century Fox had $5.57 billion in cash and cash equivalents, compared to $4.42 billion at the close of books on June 30, 2016. The Company's borrowings increased to $19.79 billion as on March 31, 2017, from $19.13 billion as on June 30, 2016.

Stock Performance

At the close of trading session on Thursday, May 25, 2017, Twenty-First Century Fox's stock price rose 1.71% to end the day at $27.33. A total volume of 17.24 million shares were exchanged during the session, which was above the 3-month average volume of 9.56 million shares. The Company's shares are trading at a PE ratio of 16.63 and have a dividend yield of 1.32%. The stock currently has a market cap of $50.05 billion.

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SOURCE: Active Wall Street