Fox (FOXA) to Report Q2 Earnings: What's in the Offing?

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Fox FOXA is set to report second-quarter fiscal 2022 results on Feb 9.

For the quarter, the company’s current Zacks Consensus Estimate for earnings is pegged at breakeven against a loss of 1 cent per share in the past 30 days. The figure indicates a 100% decline from the year-ago reported figure.

The consensus mark for revenues, pegged at $4.21 billion, implies a 3.02% increase from the year-ago quarter’s reported figure.

Notably, the company’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, the average earnings surprise being 81.06%.

Let’s see how things have shaped up for this announcement.

Fox Corporation price-eps-surprise, Fox Corporation Quote, Earnings ESP, Earnings ESP Filter, Textile – Apparel, Leisure and Recreation Services, Zacks Earnings Calendar, Click to get this free report, Zacks Investment Research
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Fox Corporation Price and EPS Surprise
Fox Corporation price-eps-surprise, Fox Corporation Quote, Earnings ESP, Earnings ESP Filter, Textile – Apparel, Leisure and Recreation Services, Zacks Earnings Calendar, Click to get this free report, Zacks Investment Research

Fox Corporation price-eps-surprise | Fox Corporation Quote

Factors to Consider

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Fox’s portfolio strength across entertainment, sports and news content is expected to drive the company’s second-quarter fiscal 2022 results. The company’s strong offerings have been driving user growth and is likely to have continued in the to-be-reported quarter.

Fox’s investments in expanding its network have been aiding rating growth, a trend which is likely to have continued in the to-be-reported quarter.

Fox News Digital along with FOXNews.com surpassed all news brands in multiplatform minutes and multiplatform views in November, reaching almost 1.6 million multiplatform views and more than 2.9 billion multiplatform minutes, according to Comscore. Besides, FOX News Mobile App logged approximately 6.3 million unique visitors in November.

A recovering base market at FOX Television Stations, continued growth at Tubi and strong pricing at FOX Entertainment are major positives.

In December 2021, Tubi announced that it has entered into a major film deal with the Village Roadshow Entertainment Group. Per the deal, Tubi will produce multiple films from Village Roadshow’s newly-announced initiative, ‘Black Noir Cinema’.

Fox Entertainment announced the acquisition of MarVista Entertainment in the to-be-reported quarter. Per the agreement, MarVista will be focusing on developing and producing content for Fox’s digital platforms, including Tubi. In addition, MarVista will continue to work with its growing list of third-party buyers and co-production partners and distribute its content worldwide.

Recovering ad demand and spending, boosted by the resumption of major sports events globally, are expected to aid Fox’s advertising revenues in the near term.

To stay ahead in the competition the company is spending massively on buying sports rights, which is expected to have dented the company’s bottom line growth in the to-be-reported quarter.

In November, Fox Sports announced an agreement with the Union of European Football Associations (UEFA). The six-year agreement includes rights to the UEFA European Football Championship 2024, UEFA European Football Championship 2028, UEFA Nations League, UEFA National Team Competitions and all Friendly Matches controlled by UEFA.

The company generates a major portion of advertising revenues from live programming, which is relatively immune to the rapidly growing competition from subscription-based video-on-demand services. Moreover, recovering local advertising market affected by the coronavirus outbreak is a major positive.

What Our Model Says

Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

Fox has an Earnings ESP of +175% and carries a Zacks Rank #2, currently. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Other Stocks to Consider

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Here are some companies you may want to consider, as our model shows that these also have the right combination of elements to post an earnings beat in their upcoming releases:

Crocs CROX has an Earnings ESP of 0.00% and a Zacks Rank #1. The company is all set to announce its fourth quarter 2021 results on Feb 16.

CROX is up 28.1% in the past year against the Zacks Textile – Apparel industry’s decline of 4.9% and the Consumer Discretionary sector’s fall of 22.2% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cedar Fun FUN has an Earnings ESP of 6.02% and a Zacks Rank #1. The company is all set to announce its fourth-quarter 2021 results on Feb 16.

FUN is up 32.4% in the past year against the Zacks Leisure and Recreation Services industry’s decline of 6.9% and the Consumer Discretionary sector’s fall of 22.2%.

Gildan Activewear GIL has an Earnings ESP of 9.57% and a Zacks Rank #2. The company is set to announce fourth-quarter 2021 results on Feb 23.

GIL is up 51.4% in the past year against the Zacks Textile – Apparel industry’s decline of 4.9% and the Consumer Discretionary sector’s fall of 22.2%.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.


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Crocs, Inc. (CROX): Free Stock Analysis Report

 

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