DIRECTV Announces Third Quarter 2010 Results
DIRECTV Adds 380,000 Net New Subscribers or 28% More Than a Year Ago
DIRECTV Latin America leads quarter with 206,000 net subscriber additions driven by a 36% increase in gross additions and low monthly post-paid churn of 1.54%
DIRECTV U.S. continues strong momentum adding 174,000 net new customers driven by higher gross additions of 1.14 million and lower monthly churn of 1.70%
DIRECTV extends its global leadership position by topping 27 million customers in the United States, Latin America and Mexico
DIRECTV Grows Revenues 10% to $6.03 Billion and Diluted Earnings per Share 49% to $0.55
Revenues boosted by strong net additions and ARPU growth of 4.3% at DIRECTV U.S.
EPS fueled by operating profit growth of 67% at DIRECTV Latin America and 18% at DIRECTV U.S., as well as the repurchase of $1.37 billion of company stock in the third quarter
DIRECTV Increases Year-to-date Free Cash Flow 26% to over $2 Billion Compared to 2009
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DIRECTV (NASDAQ
TV) today reported an increase in third quarter 2010 revenues of 10% to $6.03 billion, operating profit before depreciation and amortization(1) (OPBDA) of 10% to $1.48 billion and operating profit of 27% to $868 million compared with last year's third quarter. DIRECTV reported third quarter net income increased 31% to $479 million and diluted earnings per share grew 49% to $0.55 compared with the same period last year.
"For the fourth consecutive quarter, DIRECTV achieved double-digit revenue and OPBDA growth while also increasing EPS by 49% as more consumers across the Americas continue to purchase DIRECTV and SKY's unrivaled choice of video services," said Mike White, president and CEO of DIRECTV. "Driven by our industry leading HD, DVR and interactive services, gross and net subscriber additions increased in both our U.S. and Latin American businesses for the first time in 2½ years and as a result, we widened our leading position as the world's largest provider of pay TV services with over 27 million subscribers."
White added, "We were also pleased to see that even with DIRECTV's strong subscriber growth and related increase in acquisition costs, consolidated OPBDA margin remained strong at 25% and year-to-date free cash flow grew 26% to over $2 billion due in part to our intense focus on improving productivity and capturing scale efficiencies. We also made significant progress in the quarter toward strengthening DIRECTV's balance sheet as we issued $3 billion in senior notes, repaid the remaining secured debt of $1.2 billion and repurchased $1.37 billion of our stock bringing total year-to-date repurchases to $3.6 billion."
DIRECTV Adds 380,000 Net New Subscribers or 28% More Than a Year Ago
DIRECTV Latin America leads quarter with 206,000 net subscriber additions driven by a 36% increase in gross additions and low monthly post-paid churn of 1.54%
DIRECTV U.S. continues strong momentum adding 174,000 net new customers driven by higher gross additions of 1.14 million and lower monthly churn of 1.70%
DIRECTV extends its global leadership position by topping 27 million customers in the United States, Latin America and Mexico
DIRECTV Grows Revenues 10% to $6.03 Billion and Diluted Earnings per Share 49% to $0.55
Revenues boosted by strong net additions and ARPU growth of 4.3% at DIRECTV U.S.
EPS fueled by operating profit growth of 67% at DIRECTV Latin America and 18% at DIRECTV U.S., as well as the repurchase of $1.37 billion of company stock in the third quarter
DIRECTV Increases Year-to-date Free Cash Flow 26% to over $2 Billion Compared to 2009
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DIRECTV (NASDAQ
TV) today reported an increase in third quarter 2010 revenues of 10% to $6.03 billion, operating profit before depreciation and amortization(1) (OPBDA) of 10% to $1.48 billion and operating profit of 27% to $868 million compared with last year's third quarter. DIRECTV reported third quarter net income increased 31% to $479 million and diluted earnings per share grew 49% to $0.55 compared with the same period last year. "For the fourth consecutive quarter, DIRECTV achieved double-digit revenue and OPBDA growth while also increasing EPS by 49% as more consumers across the Americas continue to purchase DIRECTV and SKY's unrivaled choice of video services," said Mike White, president and CEO of DIRECTV. "Driven by our industry leading HD, DVR and interactive services, gross and net subscriber additions increased in both our U.S. and Latin American businesses for the first time in 2½ years and as a result, we widened our leading position as the world's largest provider of pay TV services with over 27 million subscribers."
White added, "We were also pleased to see that even with DIRECTV's strong subscriber growth and related increase in acquisition costs, consolidated OPBDA margin remained strong at 25% and year-to-date free cash flow grew 26% to over $2 billion due in part to our intense focus on improving productivity and capturing scale efficiencies. We also made significant progress in the quarter toward strengthening DIRECTV's balance sheet as we issued $3 billion in senior notes, repaid the remaining secured debt of $1.2 billion and repurchased $1.37 billion of our stock bringing total year-to-date repurchases to $3.6 billion."
