Liberty Media Corp.
) 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.
) and was aggressively pursuing the idea of Charter Communications
Time Warner Cable Inc.
). However, Charter Communications lost to
) 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
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