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Liberty Media Misses on Earnings, Revs - Analyst Blog

By: Zacks.com
Posted: 11/6/2013 11:07:00 AM
Referenced Stocks: CHTR;LMCA;LYV;SIRI

Liberty Media Corp. ( LMCA ) 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. ( SIRI ). In addition to SIRIUS XM, the company has stakes in both Live Nation Entertainment Inc. ( LYV ) and Charter Communications Inc. ( CHTR ). 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 Report

LIBERTY MEDIA-A (LMCA): Free Stock Analysis Report

LIVE NATION ENT (LYV): Free Stock Analysis Report

SIRIUS XM RADIO (SIRI): Free Stock Analysis Report

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