Fox Corp. outpaced Wall Streets expectations on Tuesday after reporting higher-than-expected profits that were boosted by an industry-wide uptick in the advertising market.
The New York-based media giant earnings of $375 million, or 74 cents per share, according to its fourth-quarter earnings release. That number was up from $306 million in the same period one year ago.
On an adjusted basis excluding one-time expenses, the company reported earnings of 88 cents per share, higher than the 72 cents projected by Wall Street analysts.
Foxs quarterly revenue was $3.03 billion, a figure that matched last years results for the quarter and was in line with estimates.
“We enter fiscal ’24 from a position of strength despite headwinds facing our industry and the lingering effect of some macroeconomic uncertainty,” Fox Corp. CEO Lachlan Murdoch said during an earnings call.
Fox shares were up nearly 4% in mid-day trading.
The company’s quarterly ad revenue came in at $1.01 billion, down slightly compared to last year but still better than expected, according to estimates from research firm Visible Alpha.
The company said the 4% decrease in ad revenues occurred as continued growth at Tubi was more than offset by comparably lower political advertising revenues at the FOX Television Stations and the impact of elevated supply in the direct response marketplace at FOX News Media.
Underlying ad trends have shown signs of improvement over the last quarter, Murdoch added. We are seeing an uptick in scatter driven largely by sports and national news is solid.
Murdoch also expressed confidence in Fox News revamped primetime lineup. The shakeup occurred after the dismissal of former host Tucker Carlson earlier this year.
We are pleased with the initial results, and are confident that our deep bench of talent will continue to set the standard for all new services as we move towards the 2024 presidential election, Murdoch said.
In April, Fox reached a $787.5 million settlement with Dominion Voting Systems. The settlement did not impact its fourth-quarter results.
Through the end of the quarter, Fox had roughly $4.3 billion in cash and roughly $7.2 billion in debt.
Fox Corp. shares a common owner with News Corp, which owns The Post.
The Helen Delich Bentley Port of Baltimore has announced a first for the contemporary American maritime industry: a battery-electric rail car mover that can organize the rail yard without dirtying up the air around it.
Built by the Marmon Rail’s Italian Zephir division, the LOK 16.150E model rail car mover features an 80-volt rechargeable battery pack sending current to a pair of 40 kW (about 50 hp) high-torque brushless motors. That may not sound like a lot in a world of 650 hp Kias and 1000 hp Teslas, but it’s enough to generate a drawbar pull (read: towing force) of more than 39,000 lbs. … all while generating zero tailpipe emissions.
Wallenius Wilhelmsen is using the Zephir to move rail cars loaded with heavy lift, farm and construction equipment, and military cargo within the Dundalk Marine Terminal, and claims it will remove over 180 tons of harmful carbon emissions per year.
You can check out the promotional video released by the Port of Baltimore to celebrate the Zephir’s deployment, below, then let us know what you think in the comments.
If you want to learn more about the Pennsylvania Railroads’ 100-year lead on electric rail car switcher technology, check out this article on Railfan, which includes the photos below plus a whole lot more.
When it comes to oddities of the electric vehicle variety, it doesn’t take much to pique my interest. If it’s got an electric motor and a funky shape, I’m down to clown. But being an electric bicycle guy through and through, anytime we can work some good ol’ pedaling action into the mix, I’m all the happier. And this week’s edition of the Awesomely Weird Alibaba Electric Vehicle of the Week sure tickles my fancy!
If Teslas are too mainstream for you, but Fred Flinstone’s car is a bit too much effort, then I think I’ve found the perfect compromise. This electric bike-car offers everything its name promises.
It’s got pedals like a bike, along with a set of handlebars for steering and a bicycle seat for keeping you the perfect amount of uncomfortable. But it’s also got the enclosed convenience of a car, shielding riders from the rain and sun, though not from the curious looks of passersby. And with an electric bicycle motor, you don’t have to burn through your entire lunch just pedaling this brick down the block.
Of course, beauty is always in the eye of the beholder. And I’m sure the appearance will be divisive, with some finding it charming and others… less so. But more than just looks, this thing is about utility.
I’d say the design is perfect for anyone who has ever said, “Give me the environmental friendliness of an electric bicycle but with the turning radius of a school bus.” Finally, a vehicle that lets you feel superior to cyclists and drivers simultaneously while enjoying the camaraderie of neither.
Combining the aerodynamics of a garden shed and the aesthetics of a cute dumpster, this electric bike car is likely as hard to get rolling as it is to park. But it’s got one main thing going for it: an insane amount of enclosed storage space that other e-bikes could only dream of.
Behind those double doors is your own mobile storage unit, and one that has every right to use the bicycle lane – at least in cities that extend such rights to four-wheeled bicycles.
To put numbers on it, this thing offers a massive 1.8 cubic meters of storage space in back. I’m not sure the best way to describe that in freedom units. Does 63 cubic feet mean anything to anyone? 475 gallons? A micro-studio apartment in NYC?
Either way, you could just about turn the rear box into a tiny camper – though it wouldn’t be the first bicycle-based RV we’ve seen.
As far as performance goes, it’s got a top speed of 31 km/h, or a hair under 20 mph. Considering it probably has the crash-test rating of a cardboard box, I’m not sure I’d want to go that fast too often.
The benefit of crashing on a standard bicycle is you get to separate from it fairly quickly. Crashing in this thing makes me feel like I’d just pinball around inside the cab until I’ve become one with the handlebars.
Of course, the ideal environment for something like this electric bike-car is not mixing it up with traffic. I’d much rather stick to the bike lane or bicycle highways – though I’m not sure how my fellow cyclists would welcome me there. Actually, I’m not sure they’d even consider me a fellow cyclist.
So alas, I’m not sure exactly where I’d use it. And at $3,000, that’s a hefty chunk of change for a vehicle that would have a hard time fitting into our world. But even though its place is hard to understand, I’ll forever love that things like this exist.
Just please don’t go and try to buy something like this from Alibaba. Yes, I know I’m not a good example and rarely take my own advice. But this is a, “do what I say, not what I do” situation, indeed.
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