Fox Corp. (FOXA,FOX) reported second quarter adjusted net income attributable to stockholders of $259 million or $0.48 per share, an increase from $77 million or $0.13 per share, a year ago. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.48, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA was $531 million, a 71% increase from $310 million, prior year, reflecting the revenue increases and lower expenses due to the absence of Thursday Night Football.
Net income attributable to stockholders was $313 million or $0.58 per share compared to a net loss of $85 million or $0.15 per share.
Revenues were $4.61 billion, a 4% increase from the $4.44 billion reported in the prior year quarter. Analysts on average had estimated $4.58 billion in revenue.
Affiliate fee revenues increased 1% led by 6% growth at the Television segment. Advertising revenues increased 4%, primarily reflecting the impact of the FIFA Men’s World Cup and strong NFL results at FOX Sports, higher political advertising revenues at the FOX Television Stations and continued growth at Tubi, partially offset by the absence of Thursday Night Football. Other revenues increased 13%, for the quarter.
Fox Corp. also announced that its Board has authorized incremental stock repurchases of an additional $3 billion of the Class A Common Stock and Class B Common Stock. With this increase, the company’s total stock repurchase authorization is now $7 billion.
The company has declared a dividend of $0.25 per Class A and Class B share. This dividend is payable on March 29, 2023 with a record date for determining dividend entitlements of March 1, 2023.
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