Liberty Media Misses on Q1 Earnings, Revs - Analyst Blog

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Liberty Media Corp. ( LMCA ) reported lackluster financial results for the first quarter of 2014. The adjusted earnings per share of 76 cents were significantly lower than the Zacks Consensus Estimate of $1.04. Quarterly GAAP net income was $72 million compared with $8,104 million in the year-ago quarter.

Quarterly total revenue came in at $1,011 million as against $789 million in the prior-year quarter but fell below the Zacks Consensus Estimate of $1,060 million. 

In the first quarter of 2014, Liberty Media's adjusted operating income before depreciation and amortization came in at $294 million compared with $262 million in the year-ago quarter. Quarterly operating income was $155 million as against a loss of $151 million in the prior-year quarter. Adjusted EBITDA stood at $334.8 million against $261.9 million in the prior-year quarter.


In the first quarter of 2014, Liberty Media generated $294 million of cash from operations compared with $339 million in the prior-year quarter. Free cash flow in the reported quarter was $228 million against $313 million in the year-ago quarter.

At the end of the first quarter of 2014, Liberty Media had $377 million of cash and cash equivalents against $1,088 million at the end of 2013. The total debt, at the end of the reported quarter was $4,668 million compared with $5,555 million at the end of 2013. At first quarter end, the debt-to-capitalization ratio stood at 0.14 compared with 0.25 at the end of 2013.

Liberty Media controls a 27.3% stake in Charter Communications Inc. ( CHTR ) and was aggressively pursuing the idea of Charter Communications taking over Time Warner Cable Inc. ( TWC ). However, Charter Communications lost to Comcast Corp. ( CMCSA ) in the bid.

Meanwhile, last month, Comcast reached an agreement with Charter Communications to divest 3.9 million subscribers as a strategic decision to ease the regulatory concern over its proposed merger with Time Warner Cable. Liberty Media currently has a Zacks Rank #3 (Hold).


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Earnings , Stocks

Referenced Stocks: CHTR , CMCSA , LMCA , TWC

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