News Corporation (NWSA) Tops Q3 EPS by 8c; Names New Jow Jones CEO

News Corporation (Nasdaq: NWSA) reported Q3 EPS of $0.11, $0.08 better than the analyst estimate of $0.03. Revenue for the quarter came in at $2.08 billion versus the consensus estimate of $2.07 billion.

The Company reported third quarter Total Segment EBITDA of $175 million, a 4% increase as compared to $169 million in the prior year. This improvement was driven primarily by stronger performances in the Book Publishing and Digital Real Estate Services segments, partially offset by declines at the News and Information Services segment, adverse foreign currency fluctuations and slightly higher losses at Amplify compared to the prior year. Adjusted Total Segment EBITDA (as defined in Note 1) increased 3% compared to the prior year.

Net income available to News Corporation stockholders was $48 million as compared to $323 million in the prior year, which included a non-taxable gain on the SKY Network Television Ltd. transaction within Other, net. Adjusted net income available to News Corporation stockholders (as defined in Note 3) was $66 million compared to $73 million in the prior year. Impairment and restructuring charges were $10 million and $54 million in the three months ended March 31, 2014 and 2013, respectively.

News Corp announced today the appointment of William Lewis as Chief Executive Officer of Dow Jones, effective immediately. Mr. Lewis, most recently Chief Creative Officer of News Corp, was named interim CEO of Dow Jones in January.

Robert Thomson, Chief Executive of News Corp, said: "Will Lewis has brought focus and energy to the task at Dow Jones, which has refined its institutional products and reconnected with core clients. He has also brought extra vigor to The Wall Street Journal franchise, which is developing its digital strategy, an area in which Will has particular expertise. I am very confident in Will's ability to grow the business in the months and years ahead."

William Lewis said: “I appreciate Robert’s confidence in me and I am grateful to all at Dow Jones who have worked so hard these past few months to make progress across our businesses.” He added: “We are building a powerful team that is devoted to crafting a strategy for growth that marries the rich legacy of Dow Jones with the digital innovation that is defining our future.”

During Mr. Lewis’ tenure as interim CEO, Dow Jones has reinforced its long-term commitment to the institutional business, revitalizing its strategy with a strong emphasis on customer relations and feedback. Dow Jones recently rolled out multiple enhancements to the flagship Factiva information product.

Anoushka Healy, Chief Strategy Officer for News Corp, will assume responsibilities previously overseen by Mr. Lewis as Chief Creative Officer.

For earnings history and earnings-related data on News Corporation (NWSA) click here.

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