Liberty Media (LMCA) Q2 Revenue Falls Short of Consensus

Liberty Media (NASDAQ: LMCA) reported Q2 revenue of $1.22 billion versus the consensus estimate of $1.24 billion.

SiriusXM had an outstanding quarter, adding 692,000 subscribers, a 46% increase over the second quarter of 2014, and posting a record low churn rate of 1.6%, the lowest since the merger in 2008. Due to this exceptional execution, SiriusXM raised guidance across the board in their second quarter earnings release,” stated Greg Maffei, President and CEO of Liberty Media. “At Liberty, we continued to repurchase our shares with $208 million reported for the period, fully utilizing the funds distributed in conjunction with the Liberty Broadband spin-off.”

Highlights include:

SiriusXM reported strong second quarter results

• Subscriber base grew to 28.4 million
• Record second quarter revenue up 8% to $1.12 billion
• Net income of $103 million, including a pre-tax $108 million settlement(2)
• Adjusted EBITDA(3) climbed 12% to record $415 million
• Free cash flow(3) reached $371 million, up 11%
• Liberty Media’s ownership of SiriusXM stood at 59.4% as of July 24, 2015
• Sold 527,000 Viacom shares for $37 million in proceeds; gains offset by available tax losses
• From May 1, 2015 through July 31, 2015, repurchased 2.5 million LMCA shares at an average price per share of $38.55 and a total cost of $97 million as well as 2.9 million LMCK shares at an average price per share of $38.03 and a total cost of $111 million

For earnings history and earnings-related data on Liberty Media (LMCA) click here.

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