Fox Earnings Beat Expectations

Analysts were looking for adjusted earnings per share of $0.38 on revenue of $8 billion, according to data from Bloomberg.

In immediate reaction to the news, shares were up 1.6%.

By segment, Fox reported cable network revenue of $3.35 billion, up from $2.95 billion a year ago, with TV revenue coming in at $1.03 billion and filmed entertainment revenue coming in at $2.8 billion.

Fox's filmed entertainment revenue grew 38% in the fourth quarter, with the company attributing this growth in part to the success of "X-Men: Days of Future Past," which has grossed $740 million to date.

In its TV segment, however, Fox's operating income before depreciation and amortization, or OIBDA, fell to $145 million from $213 million the prior year, with the company saying that increased retransmission consent revenues were more than offset by lower advertising revenues. Ad revenues in the TV segment fell 11% from the prior year led by declines in "American Idol" ratings.

Fox also reported its annual results, with revenues increasing 15% over the prior year to $31.87 billion.

Fox's earnings announcement comes one day after the company said it had withdrawn its offer to acquire Time Warner. Concurrent with that announcement, the company also authorized a $6 billion share repurchase program, which it expects to complete in the next year.

More to come ...