Overview

• US media company's fiscal Q3 revenue fell yr/yr but beat analyst expectations

• Adjusted EPS for fiscal Q3 beat analyst expectations

• Company repurchased $100 mln in stock during the quarter

Outlook

• Company did not provide specific financial guidance for the current or upcoming periods

Result Drivers

• SUPER BOWL IMPACT - Advertising revenue declined mainly due to the absence of the prior year's Super Bowl broadcast, partially offset by an additional NFL Wild Card game and digital growth led by Tubi

• DISTRIBUTION REVENUE GROWTH - Distribution revenue increased, driven by contractual price increases at Cable Network Programming, partially offset by net subscriber declines

• LOWER SPORTS COSTS - Lower sports programming rights amortization and production costs, mainly due to the absence of the Super Bowl, reduced expenses and supported higher adjusted EBITDA

Company press release: ID:nPn9dXN5ya

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Beat	$3.99 bln	$3.82 bln (15 Analysts)
Q3 Adjusted EPS	Beat	$1.32	$0.97 (15 Analysts)
Q3 EPS		$0.38
Q3 Net Income		$175 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy."

• Wall Street's median 12-month price target for Fox Corp is $70.00, about 11.2% above its May 8 closing price of $62.94

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.