Investors Tune in to DIRECTV (DTV) Following Q4 Results
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Shares of DIRECTV (NASDAQ: DTV) are trading down 0.9 percent following the release of fourth-quarter results Thursday morning. The stock last traded at $45.89.
Revenue rose 13 percent to $7.46 billion and slightly topped the Street’s consensus of $7.41 billion. The company reported 715,000 net adds for the quarter with 590,000 coming from its Latin America segment.
Operating expenses were up 12.4 percent year over year to $6.25 billion. Broadcast programming and other expenses rose 19 percent and accounted for much of the increase.
Operating profit increased 14 percent year over year to $1.21 billion, while operating profit margin rose 30 basis points to 16.3 percent.
Net income totaled $718 million, or $1.02 per share, up from the same period last year when the company reported net income of $618 million, or $0.74 per share. Analysts on the Street were expecting EPS of $0.92.
Cash flow before interest and taxes increased 6 percent to $1.03 billion and free cash flow increased 1 percent to $720 million compared to the fourth quarter of 2010.
The company ended the quarter with $873 million in cash and cash equivalents, down from the $1.5 billion it had at the end of 2010.
“Our fourth quarter results capped off another strong year of industry leading growth as we further extended our position as the world’s largest provider of pay television services with nearly 32 million subscribers in the U.S. and Latin America,” said Mike White, president and CEO of DIRECTV.”
White concluded, “We exit 2011 on track to achieve the operating and financial priorities we outlined a year ago as part of our diversified growth strategy designed to further extend DIRECTV’s leadership position as the world’s most popular pay television service while maintaining industry-leading revenue and earnings growth. We believe that successful execution of these strategies along with our share repurchase plan – highlighted by the approval of an additional $6 billion buyback authorization – will create significant shareholder value as we remain on track to achieve or exceed our $5 EPS target in 2013.”
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Revenue rose 13 percent to $7.46 billion and slightly topped the Street’s consensus of $7.41 billion. The company reported 715,000 net adds for the quarter with 590,000 coming from its Latin America segment.
Operating expenses were up 12.4 percent year over year to $6.25 billion. Broadcast programming and other expenses rose 19 percent and accounted for much of the increase.
Operating profit increased 14 percent year over year to $1.21 billion, while operating profit margin rose 30 basis points to 16.3 percent.
Net income totaled $718 million, or $1.02 per share, up from the same period last year when the company reported net income of $618 million, or $0.74 per share. Analysts on the Street were expecting EPS of $0.92.
Cash flow before interest and taxes increased 6 percent to $1.03 billion and free cash flow increased 1 percent to $720 million compared to the fourth quarter of 2010.
The company ended the quarter with $873 million in cash and cash equivalents, down from the $1.5 billion it had at the end of 2010.
“Our fourth quarter results capped off another strong year of industry leading growth as we further extended our position as the world’s largest provider of pay television services with nearly 32 million subscribers in the U.S. and Latin America,” said Mike White, president and CEO of DIRECTV.”
White concluded, “We exit 2011 on track to achieve the operating and financial priorities we outlined a year ago as part of our diversified growth strategy designed to further extend DIRECTV’s leadership position as the world’s most popular pay television service while maintaining industry-leading revenue and earnings growth. We believe that successful execution of these strategies along with our share repurchase plan – highlighted by the approval of an additional $6 billion buyback authorization – will create significant shareholder value as we remain on track to achieve or exceed our $5 EPS target in 2013.”
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