NEW YORK (CNN/Money) -
Media conglomerate News Corp.'s fiscal first-quarter net income more than doubled, reflecting improvements at its cable networks division and stronger advertising, while its TV and film unit, Fox Entertainment, reversed a year-ago net loss.
Meanwhile, Priceline.com posted a third-quarter loss after taking a non-cash charge and said its revenue fell amid heavy discounting in the airline industry.
Computer Sciences shares fell in extended-hours trading after cutting its outlook. Its shares fell in after-hours trade to $31 from a close of $33.35 on the New York Stock Exchange.
--
News Corp.
Rupert Murdoch's media company said its first quarter operating income more than doubled and revenues rose 12 percent, reflecting improvements at its cable networks division and stronger advertising as it came off low levels a year ago in the wake of the Sept. 11 attacks.
News Corp. (NWS: Research, Estimates), which owns the Fox television network, 20th Century Fox film studios and a host of newspapers and satellite assets, posted a net profit for the first quarter ended Sept. 30 of $162 million, or 12 cents per American depositary receipt, against $73 million, or 6 cents per ADR, in the year earlier period.
Revenue rose 12 percent to $3.81 billion from $3.4 billion a year ago.
--
Fox Entertainment
Fox Entertainment reported a quarterly net profit of $214 million, compared to a year-ago loss, led by sharp gains in television that saw higher advertising sales and more viewers.
Fox (FOX: Research, Estimates), operator of the film and TV assets of News Corp. including 20th Century Fox film studio, the Fox broadcast network and the Fox News Channel and FX cable TV groups, reported a net profit of 25 cents a share, compared with a year-ago loss of $22 million, or 3 cents a share.
Excluding accounting changes, Fox would have reported a profit of $56 million, or 8 cents per share, last year.
The television unit saw its operating income rise more than three-and-a-half times, helped by improved ratings from Fox network shows like "American Idol."
--
Prudential Financial
The nation's second-largest life insurer reported higher quarterly earnings, but it scaled down full-year forecasts amid rocky conditions on stock markets.
Prudential (PRU: Research, Estimates), which went public late last year, reported a third-quarter net profit of $392 million, or 70 cents a share, compared with a profit of $52 million, or 9 cents a share, last year.
The rise in profit was helped by slightly higher revenues, up 3 percent to $5.1 billion, and lower realized losses from selling investments.
Excluding $142 million in realized investment losses, the costs of demutualization and other one-time items, Prudential reported a third-quarter operating profit of 54 cents a share, compared with 18 cents a year ago.
Wall Street had expected a profit of 49 cents a share on average, with a range of 43 to 57 cents, according to First Call.
--
Computer Sciences
The nation's third-largest computer services company said its quarterly profit rose on strong U.S. government spending, but it cut its earnings outlook for the full year citing the slowdown in technology spending.
Computer Sciences (CSC: Research, Estimates) said it now expects earnings for its fiscal full year 2003 to be in the low- to mid-$2.60 a share range.
That's down from its previous estimate of $2.73 to $2.88 a share.
For its fiscal second quarter of 2003, ending Sept. 30, the company posted a net profit of $92.9 million, or 54 cents a share versus $68.2 million, or 40 cents a share, in the year-ago quarter.
--
MetLife
The nation's largest life insurer said its quarterly profit rose, helped by strong sales.
New York-based MetLife (MET: Research, Estimates) posted a third-quarter net profit of $328 million, or 45 cents a share, compared with $162 million, or 21 cents a share, last year, when earnings were cut by Sept. 11-related claims.
Revenue rose 6 percent to $8.4 billion, helped by higher premiums and fees.
Excluding realized investments, MetLife reported a third-quarter operating profit of 69 cents a share, compared with 30 cents a year ago. Wall Street had expected a profit of 60 cents a share on average, according to First Call.
--
Priceline.com
The online travel site posted a third-quarter loss after taking a non-cash charge and said its revenue fell amid heavy discounting in the airline industry.
Priceline.com (PCLN: Research, Estimates), which allows customers to name their own price for air fares, hotel rooms and car rentals on their site, said its net loss totaled $24.3 million, or 11 cents a share, after the charge, compared with a loss of $3.6 million, or 2 cents a share, a year earlier.
Excluding the charge, the company posted pro forma income of $400,000, or break-even. In July, Priceline said it expected third-quarter earnings of break-even to two cents a share. Revenue at Priceline, of which two firms controlled by Hong Kong tycoon Li Ka-Shing own a combined 40 percent stake, fell to $240 million from $302 million a year ago.
Wall Street expected the company to post earnings of 1 cent a share and revenue of $261.9 million, according to First Call.
-- from staff and wire reports
|
