Rupert Murdoch controlled diversified media conglomerate
) reported fourth-quarter fiscal 2013 results. The publisher of
The Wall Street Journal
and the owner of Dow Jones posted quarterly earnings of 48 cents
a share that beat the Zacks Consensus Estimate of 15 cents,
buoyed by higher revenue.
Including one-time items, the company reported a quarterly
loss of $1.94 per share that fared better than the prior-year
quarter loss of $3.83.
The company, which split from
Twenty-First Century Fox, Inc.
) on Jun 28, 2013, said that total revenue for the quarter came
in at $2,257 million, up 5.8% from the year-ago quarter and
surpassed the Zacks Consensus Estimate of $2,210 million.
For fiscal year 2013, News Corporation reported earnings of 87
cents a share substantially up from a loss of $3.58 delivered in
the prior year, and outdid the Zacks Consensus Estimate of 61
cents. Total revenue of this Zacks Rank #4 (Sell) stock jumped 3%
year over year to $8,891 million but fell short of the Zacks
Consensus Estimate of $8,926 million.
Total revenue benefited from higher circulation and
subscription revenue that surged 13% to $2,669 million, partially
offset by a drop of 7% in advertising revenue of $4,346
Segments Performance for the Year
We observe that revenue across
News and Information Services
segment fell 5% year over year to $6,731 million primarily due to
waning advertising revenue, indicating a soft economic scenario
in Australia and a decline in advertising revenue at Dow Jones.
Segment EBITDA also tumbled 15% to $795 million.
Cable Network Programming
segment revenue came in at $324 million, while EBITDA was $63
million, reflecting the consolidation of FOX SPORTS Australia
since Nov 2012 attributable to the acquisition of Consolidated
Media Holdings Ltd. ("CMH"), a media investment company that has
its operations in Australia.
Digital Real Estate Services
segment soared 21% year over year to $345 million, whereas EBITDA
jumped 30% to $168 million.
segment, which consists of HarperCollins Publishers, reported
revenue of $1,369 million, up 15% from the prior year. EBITDA for
News Corporation's book publishing business, which competes with
e-book devices sold by
), came in at $142 million, increasing 65% year over year.
segment, which comprises Amplify, a digital education business,
posted revenue of $122 million that inched up 1% from the
previous year. EBITDA for the segment was a loss of $480 million
compared with a loss of $372 million in the prior period.
Other Financial Aspects
News Corporation ended fiscal 2013 with cash and cash
equivalents of $2,381 million, amounts due from Twenty-First
Century Fox of $247 million, and shareholders' equity of $12,558
million, excluding non-controlling interest of $118 million.
Capital expenditures for the year were $332 million, while
free cash flow generated during the year was $72 million.
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