Fox stock pops on earnings beat, raised buyback plan to $7 billion

  • Investing.com
  • Stock Market News
Fox stock pops on earnings beat, raised buyback plan to $7 billion
Credit: © Reuters.

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).”

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search