Twenty-First Century Fox Q1 Profit Up - Update

(RTTNews) - Twenty-First Century Fox Inc., (FOXA, FOX) Wednesday reported a profit for the first quarter that matched Wall Street expectations, while revenue growth fell short of estimates.

Fox's fourth-quarter profit surged to $1.29 billion or $0.69 per share from $855 million or $0.46 per share last year.

On an adjusted basis, earnings were $0.52 per share, up from $0.49 per share last year. On average, 21 analysts polled by Thomson Reuters estimated earnings of $0.52 per share for the quarter.

Revenues for the quarter grew 2 percent to $7.18 billion from $7.00 billion last year. Analysts had a consensus revenue estimate of $7.22 billion for the quarter.

Revenue in the cable-network segment rose 4 percent from last year to $4.35 billion, while television revenue rose 20 percent to $1.28 billion. Filmed entertainment segment revenues slipped 7 percent to $1.82 billion.

Executive Chairmen Rupert and Lachlan Murdoch said, "We continue to deliver against our growth plan even as we make important strides toward completing our Disney transaction and launching FOX in the first half of 2019. Our quarterly performance builds on the operational and financial achievements of last year and sets up our businesses for continued momentum under both the enlarged Disney and the future FOX."

Walt Disney Company (DIS) has agreed to acquire Fox for $38 a share, including the Twentieth Century Fox Film and Television studios and certain cable and international television businesses.

Prior to the acquisition by Disney, the company will separate the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, Fox Business Network, FS1, FS2, Big Ten Network and certain other assets and liabilities into a newly formed subsidiary.

FOXA is currently trading at $47.21, up $0.05 or 0.11%, on the NYSE.