What To Expect From Fox’s Q2

21^st Century Fox (NYSE: FOX) is scheduled to announce its fiscal second quarter results on Wednesday, February 7. The company reported better-than-expected fiscal first quarter results, as its earnings per share were in line and revenues came in ahead of market expectations. In Q1, Fox’s overall revenue increased 8% year-over-year (y-0-y) to $7 billion, driven by gains across segments. This growth was led by higher affiliate revenues in Cable Networks and Television, as well as higher content revenues from the Filmed Entertainment business. We have created an Interactive Dashboard which outlines our forecasts for the company and our expectations for its Q2 earnings. You can modify our forecasts to see the impact any changes would have on the company’s earnings and valuation.

In the upcoming quarter, Fox will benefit from Fox News, which continued to see strong ratings in the quarter. These solid ratings should help boost advertising revenues for the company. Fox News remained most-viewed cable network for all of 2017 in both primetime and total day, its second year in a row on top of the ratings. Fox News viewership remained flat in prime-time, but was up 1% in the ad-friendly adults 25-54 demo compared to 2016. In addition, Fox Studios grossed around $275 million at the U.S. box office during the December quarter. However, the studio’s performance was relatively weak in this quarter as compared to the prior year quarter, which could impact its year-on-year studio revenue for the fiscal second quarter. In the upcoming earnings, consensus estimates forecast revenues of $7.8 billion and earnings of 33 cents per share in the fiscal second quarter.

Our $32 price estimate for Fox’s stock is slightly below the current market price.

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