Liberty Media Corp.
) reported disappointing financial results for the third quarter
of 2013, with earnings per share of 63 cents lagging the Zacks
Consensus Estimate of 68 cents. Quarterly GAAP net income was $76
million compared with $221 million in the year-ago quarter.
The total revenue was $1,110 million compared with a mere $154
million in the prior-year quarter but fell below the Zacks
Consensus Estimate of $1,130 million.
The top-line upswing can be attributed to significant
contribution from Liberty Media's majority controlling stake in
SIRIUS XM Radio Inc.
). In addition to SIRIUS XM, the company has stakes in both
Live Nation Entertainment Inc.
Charter Communications Inc.
). Liberty Media currently has a Zacks Rank #3 (Hold).
In the second quarter of 2013, Liberty Media's adjusted
operating income before depreciation and amortization came in at
$379 million compared with a meager $30 million in the year-ago
quarter. Quarterly operating income was $248 million as against
$10 million in the prior-year quarter.
During the first nine months of 2013, Liberty Media generated
$889 million of cash from operations compared with $53 million in
the prior-year period. Free cash flow in the reported period was
$757 million as against $48 million in the year-ago period.
At the end of the first nine months of 2013, Liberty Media had
$2,446 million of cash and cash equivalents against $2,745
million at the end of 2012. The total debt, at the end of the
reported quarter, was $4,881 million compared with $540 million
at the end of 2012. At the end of the third quarter, the
debt-to-capitalization ratio was 0.15 compared with 0.08 at the
end of 2012.
CHARTER COMM-A (CHTR): Free Stock Analysis
LIBERTY MEDIA-A (LMCA): Free Stock Analysis
LIVE NATION ENT (LYV): Free Stock Analysis
SIRIUS XM RADIO (SIRI): Free Stock Analysis
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