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News Corp. reports strong first-quarter income

Media conglomerate News Corp. said Wednesday that first-quarter net income rose in its fiscal first quarter, driven by a strong performance at its cable network division.
/ Source: The Associated Press

Media conglomerate News Corp. said Wednesday that first-quarter net income rose in its fiscal first quarter, driven by a strong performance at its cable network division.

Quarterly earnings rose to $536 million from $422 million a year ago. Excluding extraordinary items, profit rose to $467 million, or 32 cents per American depositary receipt, from $386 million, or 29 cents per ADR a year ago.

Revenue from grew 12 percent to $5.19 billion from $4.65 billion last year.

Analysts polled by Thomson First Call expected the company to earn 31 cents per ADR on revenue of $5.12 billion.

American depositary receipts of News Corp. closed up 50 cents to $17.74 on the New York Stock Exchange.

Operating income at the company's cable network programming division rose to $196 million from $133 a year earlier, while the television segment also performed well, posting operating income of $233 million versus $179 million a year ago. The filmed entertainment segment saw operating income decline due to lower syndication profits from Fox television.