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NWSA Summary: Good News

By Steve Birenberg

 About this article:
 To read Steve Birenberg's preview of the News Corp. conference call, click here. News Corp. continued this week's parade of better-than-expected earnings reports from media companies. EPS of 22 cents exceed the consensus of 18 cents and grew 10% year over year. Revenue of $7.2 billion was down 4% but beat estimates. Margins drove the largest portion of the beat, as operating income grew 9% against Street estimates for a 4% decline. I think the Street will like the fact that the company had revenue upside even if it was modest. With the quarter ahead of expectations and advertising assumptions higher than they were three months ago, the company is raising guidance for FY10, ending June, to "high single to low double digit" operating income growth. Prior guidance was for "high single digit growth." NWSA follows Time Warner with a "beat and raise" quarter. TWX shares could not hold...

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