Twenty-First Century Fox Q3 Profit Misses Street - Update

(RTTNews) - Twenty-First Century Fox Inc., (FOXA, FOX) Wednesday reported a profit for the third quarter that fell short of Wall Street expectations, as revenues declined.

Fox's third-quarter profit rose to $858 million or $0.46 per share from $799 million or $0.43 per share last year.

On an adjusted basis, earnings were $0.49 per share, down from $0.54 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.54 per share for the quarter.

Revenues for the quarter dropped 2 percent to $7.42 billion from $7.56 billion last year. Analysts had a consensus revenue estimate of $7.41 billion for the quarter.

The decline revenues reflects the absence of advertising revenues from Super Bowl.

Revenue in the cable-network segment rose 10 percent from last year to $4.42 billion, while television revenue declined to $1.15 billion from $1.69 billion, reflecting absence of advertising revenue from Super Bowl last year. Filmed entertainment segment revenues decreased to $2.24 billion from $2.26 billion last year.

"Our cable segment delivered its highest earnings ever in our fiscal third quarter, propelled by sustained double-digit gains in domestic affiliate revenues. Creatively, we are firing on all cylinders," said Executive Chairmen Rupert and Lachlan Murdoch.

Earlier today, Fox announced a deal with Sinclair Broadcast Group (SBGI) and Tribune Media Company (TRCO) to acquire seven television stations for about $910 million.

FOX closed Wednesday's trading at $37.24, down $0.21 or 0.56%, on the NYSE. The stock, however, gained $0.08 or 0.21% in the after-hours trade.