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Fox Corp (NASDAQ:FOXA) reported fourth-quarter 2024 revenues of $3.09 billion, up from $3.03 billion a year ago, missing the analyst consensus of $3.10 billion.
Adjusted net income was $423 million or $0.90 per share, beating the analyst consensus of $0.81. It was up from $443 million or $0.88 per share a year ago.
The topline growth reflects affiliate fee increases at the Fox Broadcast Network and in the cable division, led by Fox News, the Hollywood Reporter reports.
Affiliate fee revenues increased by 5%, driven by 9% growth in the Television segment.
Advertising revenues were consistent with the prior-year quarter, as FOX Sports' "Summer of Soccer," including the broadcasts of the UEFA European Championship and CONMEBOL Copa América, was offset by lower ratings and pricing at the FOX Network.
The company reported a quarterly net income of $319 million compared to $375 million Y/Y.
Dividend: The Board authorized an increase in the semi-annual dividend of $0.27 per share, up from $0.26.
On the advertising side, Fox CEO Lachlan Murdoch indicated on the earnings call that, at least for his company, the ad business appears to be turning a corner.
However, Fox is framing the next year (it's fiscal 2025) as a big one, led by the upcoming presidential election, which should funnel cash to its local TV stations and Fox News, as well as next year's Super Bowl.
At Fox News, Murdoch praised the brand, noting that its viewership has been steadily rising (even as its costs have gone down compared to last year, per Fox's quarterly report).
On the sports side, Murdoch reiterated his excitement about the launch of the Venu streaming sports bundle, once again confirming that the company is targeting single-digit millions of subscribers.
On the entertainment side, Fox CFO Steven Tomsic indicated that spending would rise over the next year, though that is mostly due to last year's strikes, which he says saved the company $100 million in costs.
Fox CEO Lachlan Murdoch stated during the earnings call that Fox's advertising business is improving.
Fox Corp stock gained 15% in the last 12 months.
Price Action: FOXA stock is up 5.59% at $38.29 at the last check on Tuesday.
Photo by rafapress on Shutterstock
