Fox Corp (NASDAQ: FOXA ) reported better-than-expected results for its fourth fiscal quarter, sending its shares 3.5% higher.
The company’s FQ4 EPS of $0.74, came in better than the analyst estimate of $0.71. Revenue for the quarter was in line with expectations at $3.03 billion.
The adjusted Ebitda came in at $735 million, easily ahead of the Street’s $670M.
"Fiscal 2023 showcased the very best of FOX's portfolio while achieving record annual revenue and EBITDA. From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men's World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the FOX platform was on full display. We enter Fiscal 2024 with a focused strategy and best-in-class balance sheet as we continue to drive shareholder value," Executive Chair and Chief Executive Officer Lachlan Murdoch said.
The media company ended the quarter with $4.3B of cash on hand and did $250M in share repurchases in F4Q23 and $2B for FY23.
It has now upped its buyback authorization to $7B, which implies $2B of additional headroom.
Wells Fargo analysts commented, “FOXA handily beat earnings/FCF expectations for F4Q and up'd the buyback authorization. It's a strong finish to FY23. We think investors will now focus on FY24 items: TV opex (sports) and Fox News performance (new programming).”
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