Sky Earnings Beat Forecasts
October 21 2015 - 2:47AM
Dow Jones News
By Simon Zekaria
LONDON--Sky PLC (SKY.LN) on Wednesday sounded an upbeat note as
it reported a forecast-beating rise in quarterly earnings on higher
revenue, boosted by its operations in the U.K. and Germany, as well
as cost-cutting.
The pay-television giant, Europe's biggest pay-TV operator by
customer numbers, said operating profit before exceptional items--a
closely watched measurement of Sky's main business
performance--rose 10% year-over-year to 375 million pounds ($579
million), higher than a consensus market forecast of GBP366
million. It didn't disclose net profit.
Revenue rose 6% to GBP2.79 billion, in line with a forecast of
GBP2.78 billion.
The number of products its customers use, including broadband
services and high-definition TV, jumped 937,000. It also added
134,000 customers in the quarter.
"We have made a strong start to the year," said Chief Executive
Jeremy Darroch.
Sky is 39%-owned by 21st Century Fox Inc. (FOXA), which until
June 2013 was part of the same company as The Wall Street Journal
parent, News Corp. (NWS.AU).
Shares closed Tuesday at 1,069 pence.
-Write to Simon Zekaria at simon.zekaria@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 21, 2015 02:32 ET (06:32 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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