Fox Corp. Q2 Adj. EBITDA Rises; Revenues Up 9%

(RTTNews) - Fox Corp. (FOXA, FOX) said it has once again delivered revenue and adjusted EBITDA growth in the second quarter, while continuing to invest in digital growth initiatives. Adjusted EBITDA was up 2% to $310 million, led by higher contributions at the Cable Network Programming segment. Also, the company has authorized a $4 billion stock repurchase program.

Second-quarter adjusted net income attributable to stockholders of $77 million or $0.13 per share compared to $93 million or $0.16 per share, a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.03, for the quarter. Analysts' estimates typically exclude special items.

Fox Corp. posted a net loss attributable to stockholders of $85 million or $0.15 per share compared to net income of $224 million or $0.37 per share, last year. The company noted that the variance was primarily due to the change in fair value of its investments recognized in Other, net.

Total revenues were $4.44 billion, a 9% increase from $4.09 billion, prior year. Analysts on average had estimated $4.27 billion in revenue.

Cable Network Programming reported segment revenues of $1.64 billion, an increase of 10% from last year. Television reported segment revenues of $2.76 billion, an increase of 8%.

The company has declared a dividend of $0.24 per Class A and Class B share. This dividend is payable on March 30, 2022 with a record date for determining dividend entitlements of March 2, 2022.