(RTTNews) - Media conglomerate News Corp. (NWS: News ,NWSA: News ) said Wednesday its first quarter profit increased by 11% from last year, driven by the theatrical success of Ice Age sequel, and the strong performance of its cable network. Quarterly earnings easily surpassed the Street consensus, as did its quarterly revenues.

The company reported net income attributable to News Corp. of $571 million for the first quarter, up 11% from $515 million in the prior year quarter. Earnings per share rose to $0.22 from $0.20 in the previous year quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter rose 11% to $597 million from $536 million in the year-ago quarter. Operating income grew 9% to $1.04 billion from $953 million a year earlier.

Net earnings from affiliates were $32 million for the first quarter, compared to a loss of $359 million in the same quarter last year, due to contributions from NDS Group Ltd., reflecting the sale of a portion of the company's ownership stake in February 2009.

First quarter revenues declined 4% to $7.20 billion from $7.51 billion in the same quarter last year. Fourteen analysts had a consensus revenue estimate of $7.16 billion for the first quarter.

The Filmed Entertainment segment reported revenues of $1.52 billion, up 20.5% over last year. Operating income for the segment soared 56% to $391 million in the first quarter, driven by the worldwide theatrical success of Ice Age: Dawn of the Dinosaurs. The company noted that the operating income for the latest quarter set a record for the highest fiscal first quarter operating income ever for this segment.
Revenues from Cable Network Programming segment rose 11% to $1.61 billion, with an operating income that rose 41% to $495 million, helped by increased contributions from FOX News Channel, the Fox International Channels, STAR, the Regional Sports Networks and the Big Ten Network.

First quarter revenues from the Television segment slipped 8% to $765 million, while operating income dropped 54% to $38 million, due to lower contributions from the Fox Television Stations and FOX Broadcasting Co.

Direct Broadcast Satellite Television, SKY Italia, generated revenues of $927 million, down 4% from a year ago. The segment's operating income fell 22% to $128 million for the quarter, hurt by increased programming costs. At the end of the quarter, SKY Italia's subscriber base remained unchanged at 4.8 million, as gross subscriber additions in the quarter were fully offset by existing subscriber cancellations.

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