DIRECTV (NASDAQ:DTV) today reported increases in fourth quarter 2012 revenues of 8% to $8.05 billion, operating profit before depreciation and amortization 1 (OPBDA) of 8% to $1.92 billion and operating profit of 7% to $1.30 billion compared to last year's fourth quarter. DIRECTV reported an increase in fourth quarter net income of 31% to $942 million and diluted earnings per share of 52.0% to $1.55 compared with the same period last year.
“Our solid fourth quarter consolidated results capped off another year of impressive revenue, earnings and cash flow growth,” said Mike White, Chairman, President and CEO of DIRECTV. “Strong consumer demand for DIRECTV's diversified portfolio of businesses across the Americas fueled the largest annual net subscriber gain in our history with nearly 3.8 million net customers added including Sky Mexico. As a result, we furthered our lead as the world's largest and most popular provider of Pay TV video services with over 35 million subscribers and growing rapidly. This tremendous subscriber performance along with solid ARPU and margin performance fueled a 9% top-line increase bringing DIRECTV to nearly $30 billion in revenues, a 32% increase in diluted EPS to $4.58 and a 13% increase in free cash flow to $2.3 billion in 2012.”
White concluded, “We exit 2012 with good momentum as we continue to successfully execute on our long-term strategy to drive sustainable profitable growth across the Americas while also significantly advancing DIRECTV's service oriented culture by winning our customers' loyalty for life. We believe that these strategies along with our share repurchase plan - highlighted by the approval of a new $4 billion buyback authorization - will continue to create significant shareholder value for years to come.”
DIRECTV'S Operational ReviewFourth Quarter Review DIRECTV's fourth quarter revenues of $8.05 billion increased 8% principally due to subscriber growth at DIRECTV Latin America (DTVLA) and DIRECTV U.S., as well as higher ARPU at DIRECTV U.S. Operating profit before depreciation and amortization (OPBDA) increased 8% to $1.92 billion and operating profit increased 7% to $1.30 billion in the quarter compared with the same period last year. OPBDA and operating profit margin were relatively unchanged compared to the same period in 2011.
|DIRECTV Consolidated Dollars in Millions except Earnings per Common Share||Three Months EndedDecember 31,||Twelve Months EndedDecember 31,|
|Operating Profit Before Depreciation and Amortization (1)||1,924||1,782||7,522||6,978|
|OPBDA Margin (1)||23.9||%||23.9||%||25.3||%||25.6||%|
|Operating Profit Margin||16.1||%||16.3||%||17.1||%||17.0||%|
|Net Income Attributable to DIRECTV||942||718||2,949||2,609|
|Diluted Earnings Per Common Share||1.55||1.02||4.58||3.47|
|Capital Expenditures and Cash Flow|
|Cash paid for property and equipment||211||201||757||665|
|Cash paid for subscriber leased equipment - subscriber acquisitions||412||392||1,493||1,547|
|Cash paid for subscriber leased equipment - upgrade and retention||177||171||710||712|
|Cash paid for satellites||158||90||389||246|
|Cash Flow Before Interest and Taxes (2)||1,120||1,025||4,413||3,710|
|Free Cash Flow (3)||543||720||2,285||2,015|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV