21st Century Fox Q2 Profit Falls - Quick Facts

(RTTNews) - Twenty-First Century Fox, Inc. (FOX) reported significantly lower second-quarter net income attributable to stockholders of $1.21 billion, or $0.53 a share, versus $2.38 billion, or $1.01 a share, in the year-ago quarter.

For the quarter, income from continuing operations attributable to stockholders was $982 million, or $0.43 per share, down compared with $1.06 billion, or $0.45 per share reported a year ago. The latest quarter's results included a $79 million increase in Depreciation and amortization expense principally resulting from the consolidation of Sky Deutschland, including the amortization of intangible assets resulting from the company's acquisition of a controlling ownership stake in this entity in January 2013. Also, it included income in other, net of $191 million, reflecting the gain on the sale of the firm's ownership stake in Phoenix Satellite Television, as compared to income of $194 million in the prior year driven by the gain on the acquisition of the additional ownership stake in ESPN Star Sports, the company said.

Excluding the net income effects of Other, net, as well as Equity affiliate adjustments, including the exclusion of gains from the company's participation in British Sky Broadcasting's share buyback program, second-quarter adjusted earnings per share were $0.33 versus the prior-year quarter result of $0.35. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

However, quarterly total revenue of $8.16 billion, was 15% higher than the prior-year figure of $7.11 billion, reflecting a $605 million increase at the Direct Broadcast Satellite Television or DBS segment, related mainly to the inclusion of Sky Deutschland AG revenue, and a $366 million or 14% growth at the Cable Network Programming segment, led by continued affiliate revenue growth. Three analysts estimated revenues of $7.81 billion for the quarter.