Grupo Televisa S.A.B. ( TV ) reported
disappointing financial results for the first quarter of 2013,
missing the Zacks Consensus Estimate. Net income was approximately
$125.1 million, down 21.6% year over year. Earnings per Global
Depository Shares were 16 cents, well below the Zacks Consensus
Estimate of 20 cents. Quarterly consolidated net revenue of around
$1,266.4 million improved 2.4% over the prior-year quarter but fell
below the Zacks Consensus Estimate of $1,347 million.
Gross margin was 42.1% compared with 42.8% in the year-ago
quarter. Consolidated operating income was $276.7 million, up 3.2%
from the prior-year quarter. Operating margin was 21.9% compared
with 21.7% in the year-ago quarter. Capital expenditure, during the
reported quarter was $14.5 million.
At the end of the first-quarter 2013, Televisa had
approximately $1,946.4 million in cash and marketable securities
and $4,240.4 million of outstanding debt compared with $1,892
million of cash and marketable securities and $4,112.1 million of
outstanding debt at the end of 2012. At the end of the reported
quarter, the debt-to-capitalization ratio was around 0.42 compared
with 0.43 at the end of 2012.
Quarterly total revenue was $518 million, down 1.9% year over
year. Operating profit was $194.1 million, down 8.4% year over
year, and operating margin was 37.5% compared with 40.1% in the
year-ago quarter. Quarterly royalty from Univision was a
record-high $57.3 million, up 7.2% year over year.
Within this segment, Advertising revenues were $343.4 million,
down 7.2% year over year. Network Subscription revenues were $71.1
million, up 17.3% year over year. Licensing and Syndication
revenues were $103.6 million, up 6.3% year over
Quarterly revenues were $54.4 million, down 4.2% year over year.
Operating profit was $0.1 million, down 96.5% year over year, and
operating margin was 0.2% compared with 4.8% in the year-ago
Quarterly revenues came in at $312.3 million, up 13% year over
year. Operating profit was $144.3 million, up 12.5% year over year.
Quarterly operating margin was 46.2% compared with 46.4% in the
Cable and Telecom Segment
Quarterly revenues were $324.5 million, up 5.4% year over year.
Operating profit was $115.7 million, up 6.6% year over year.
Operating margin came in at 35.7% compared with 35.3% in the
Other Businesses Segment
Quarterly revenues were $81.2 million, down 10.9% year over
year. Operating income was $8.9 million, up 3.4% year over year.
Operating margin was 11% compared with 9.5% in the year-ago
As of Mar 31, 2013, Televisa had 2,364,259 Video subscribers;
1,384,685 Internet Broadband subscribers; and 784,882 Telephony
subscribers, which together constitutes 4,533,826 revenue
generating units (RGU) in the Cable and Telecom segment. The
company also had 5,413,012 net active Satellite TV subscribers, up
6.1% year over year. In the reported quarter, Sky segment added
259,567 net active subscribers.
Other Stocks to Consider
Televisa currently has a Zacks Rank #4 (Sell). However, there
are other stocks that are doing well in this industry. Some of them
include CTC Media Inc. ( CTCM ), Fisher
Communications Inc. ( FSCI ) and LIN
TV Corp. ( TVL ). While CTC Media
and Fisher Communications currently have a Zacks Rank #1 (Strong
Buy), LIN TV carries a Zacks Rank #2 (Buy).CTC MEDIA INC (CTCM): Free Stock Analysis
ReportFISHER COMM INC (FSCI): Free Stock Analysis
ReportGRUPO TELEVISA (TV): Free Stock Analysis ReportLIN TV CORP -A (TVL): Free Stock Analysis
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