News Corp Reports Third Quarter Results for Fiscal 2024

The U.S. Postal Service is harming both publishers and itself with its current ratemaking process, the News/Media Alliance (NMA) charges in a letter to the Postal Rate Commission. “While the Postal Service incurs record losses, Periodicals mailers have been forced to make difficult business decisions ranging from cutting staff to shuttering titles and closing their doors, all of which ultimately harms our society,” the letter states. Since 2021, the USPS has raised periodical rates “generally twice a year by a cumulative total of 47.8 percent,” the NMA writes. “During that time, the portion of those increases due to the additional rate authorities have exceeded the rate of inflation by more than 150 percent.”

For the total company in 2Q 2017: ◦Revenue increased 7.7%, currency-neutral revenue* jumped 8.9%. ◦Revenue increased in all segments and major product categories, as expanded customer demand spread across the company’s broad product portfolio. ◦Operating profit was up 8.7% to $2.2 billion driven by strong performance in the U.S. Domestic and Supply Chain and Freight segments. ◦The favorable year-over-year 2Q EPS comparison includes benefits of about $0.10, primarily from fuel and workers’ compensation. ◦Year-to-date capital expenditures to support investment strategies were $2.0 billion. Click Read More below for additional details.

Net Sales for the third quarter were $532 million, down 0.2% or $1 million, year over year. The net sales decrease was driven by a $6 million decrease in our Education segment, partially offset by a $5 million increase in our Trade Publishing segment. Within our Education segment, which includes our Basal business and our Extension businesses, the decline in year over year net sales was attributable to our Basal business, inclusive of international sales, which declined by $6 million from $301 million in 2016 to $295 million. Billings for the third quarter of 2017 were $584 million, down 6% or $36 million compared with $620 million for the same period in 2016. The decrease was driven by a $41 million decrease in our Education segment billings, slightly offset by a $5 million increase in our Trade Publishing segment billings. Within our Education segment, the decline in year over year billings was attributable to our Basal business, inclusive of international sales, which declined by $27 million from $338 million in 2016 to $311 million. Net income of $91 million in the third quarter of 2017 was slightly higher compared to a net income of $90 million in the same quarter of 2016, due primarily to the same factors impacting operating income offset by an unfavorable change in our income tax benefit of $5 million, from an income tax benefit of $16 million for the same period in 2016 to an income tax benefit of $11 million in 2017, primarily related to a change to our estimated annual effective tax rate during the prior year period. Click Read More below for additional information.