News Corp Reports ird Quarter Results for Fiscal 07

News Corp Reports Third Quarter Results for Fiscal 2017

Fiscal 2017 Third Quarter Key financial Highlights

Revenues of $1.98 billion, a 5% increase compared to $1.89 billion in the prior year

Income (loss) from continuing operations was break-even, compared to ($128) million in the prior year

Digital Real Estate Services segment contributed to strong growth in Total Segment EBITDA; Total Segment EBITDA was $215 million compared to ($122) million in the prior year, which included the NAM Group settlement charge of $280 million

Reported EPS were ($0.01) compared to ($0.26) in the prior year - Adjusted EPS were $0.07 compared to $0.04 in the prior year

Realtor.com achieved record traffic in the quarter with 55 million average monthly unique users

New York, NY - May 9, 2017 - News Corporation ( News Corp or the Company ) (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2017.

Commenting on the results, Chief Executive Robert Thomson said:

In the third quarter, we saw particular progress in our quest to be more digital and global, while there was tangible improvement in operating efficiencies. We posted solid revenue growth and substantial earnings growth, highlighted by momentum in Digital Real Estate Services, where realtor.com continued to expand traffic, revenue and profitability.

At News and Information Services, while print advertising remains volatile, we saw some moderation this quarter. Overall, the segment was a source of growth this quarter - in both revenues and profitability - driven by, in particular, the robust performance of in-store product at News America Marketing, digital subscriber gains of more than 300,000 at the Wall Street Journal and the benefits of ongoing cost control.

The quarter was also characterized by an intensifying social and commercial debate over the dysfunctionality of the digital duopoly, and the lack of transparency in audience and advertising metrics. With brands in search of authenticated audiences and trusted advertising environments, we firmly believe that our mastheads offer veracity and value, and we are rapidly developing a new digital ad platform to offer clearly defined demographics from across our range of prestigious properties.

THIRD QUARTER RESULTS

The Company reported fiscal 2017 third quarter total revenues of $1.98 billion, compared to $1.89 billion in the prior year period. Reported revenues reflect growth at the News and Information Services segment, driven by News America Marketing and the acquisitions of Australian Regional Media ( ARM ) and Wireless Group plc ( Wireless Group ), partially offset by lower print advertising revenues, as well as continued strong performance at the Digital Real Estate Services and Book Publishing segments. Adjusted Revenues (which exclude the impact of foreign currency, acquisitions and divestitures as defined in Note 1) increased 3% compared to the prior year.

Income (loss) from continuing operations for the quarter was break-even as compared to ($128) million in the prior year. Reported results were driven by higher Total Segment EBITDA, as discussed below, which reflects the absence of a one-time pre-tax charge of $280 million for the settlement of litigation and related claims at News America Marketing in the prior year (the NAM Group settlement charge ). The growth was partially offset by higher tax expense and the absence of a $107 million tax benefit in the prior year related to the NAM Group settlement charge, lower contribution from Other, net and lower equity earnings of affiliates, primarily driven by costs related to Foxtel's shutdown of Presto and the loss resulting from the change in the fair value of Foxtel's investment in Ten Network Holdings.

The Company reported third quarter Total Segment EBITDA of $215 million, compared to ($122) million in the prior year, which included the NAM Group settlement charge mentioned above. Adjusted Total Segment EBITDA (as defined in Note 1) was 30% higher compared to the prior year, primarily due to the continued growth in the Digital Real Estate Services segment and at News America Marketing, as well as an adjustment to the deferred consideration accrual related to the acquisition of Unruly, partially offset by a one-time corporate charge of $11 million associated with a change in the Company's executive management.

Loss per share from continuing operations available to News Corporation stockholders was ($0.01) as compared to ($0.26) in the prior year.

Adjusted EPS (as defined in Note 3) were $0.07 compared to $0.04 in the prior year.

Please click here for the full Earnings Release information

###

About News Corp

News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, book publishing, digital real estate services, and cable network programming and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: http://www.newscorp.com.

Contacts

News Corp Investor Relations

Michael Florin

212-416-3363

mflorin@newscorp.com

News Corp Corporate Communications

Jim Kennedy

212-416-4064

jkennedy@newscorp.com

Share this:

Click to share on Twitter (Opens in new window)

Share on Facebook (Opens in new window)

Click to share on Google+ (Opens in new window)

Click to share on LinkedIn (Opens in new window)

Click to email (Opens in new window)

LINK:	http://newscorp.com/2017/05/09/news-corp-reports-third-quarter-results...
	See more stories from newscorp

Most recent headlines