News Corp. Q3 Profit Declines - Quick Facts

(RTTNews) - News Corporation (NWS, NWSA) reported third-quarter net income available to stockholders of $23 million compared to $48 million in the prior year, due to lower Total Segment EBITDA as well as a higher effective tax rate, lower equity earnings of affiliates, and lower interest income. Net income per share was $0.04 compared to $0.08 in the prior year. Adjusted net income available to stockholders was $28 million, and adjusted EPS was $0.05, for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.07 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $2.06 billion, a 1% decline as compared to prior year third quarter revenues of $2.08 billion. Adjusted revenues declined 2% compared to the prior year. Analysts expected revenue of $2.12 billion for the quarter.

Chief Executive Robert Thomson said: "While the quarter faced some revenue challenges, particularly at News and Information Services, including currency headwinds, our adjusted EBITDA was relatively stable, underscoring the strength of our assets and the diversification of our revenue base. We believe the company is firmly on track and the signs are positive for year-over-year EBITDA growth in the fourth quarter."