This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

DIRECTV Announces Second Quarter 2013 Results

DIRECTV (NASDAQ:DTV) today announced an increase in second quarter 2013 revenues of 7% to $7.70 billion, operating profit before depreciation and amortization 1 (OPBDA) of 4% to $2.08 billion, a decline in operating profit of 4% to $1.35 billion, and higher earnings per share of 8% to $1.18 compared to last year's second quarter.

“Our second quarter consolidated results highlight the benefits of our diversified portfolio of businesses as DIRECTV, the world's largest pay-TV company, grew its subscriber base to nearly 37 million customers,” said Mike White, president and CEO of DIRECTV. “While macro-economic and operational challenges in Latin America impacted our results, particularly in Brazil, contributions from successfully executing on DIRECTV U.S.' long term strategic imperatives combined with our share repurchase program drove solid revenue, earnings per share and free cash flow in the quarter.”

DIRECTV'S Operational Review

DIRECTV Consolidated         Three Months EndedJune 30,     Six Months EndedJune 30,
Dollars in Millions except Earnings per Common Share         2013       2012     2013       2012
Revenues         $ 7,700         $ 7,224       $ 15,280         $ 14,270  
Reported Operating Profit Before Depreciation and Amortization (1) 2,081       2,009 4,001       3,912
Reported OPBDA Margin (1)         27.0 %       27.8 %     26.2 %       27.4 %
Reported Operating Profit 1,350 1,411 2,592 2,719
Reported Operating Profit Margin         17.5 %       19.5 %     17.0 %       19.1 %
Reported Net Income Attributable to DIRECTV         660         711       1,350         1,442  
Reported Diluted Earnings Per Common Share         1.18         1.09       2.37         2.16  
Capital Expenditures and Cash Flow                                
Cash paid for property and equipment         193         215       345         368  
Cash paid for subscriber leased equipment - subscriber acquisitions         403         290       772         702  
Cash paid for subscriber leased equipment - upgrade and retention         236         159       463         347  
Cash paid for satellites         116         126       194         184  
Cash Flow Before Interest and Taxes (2)         1,179         1,028       2,286         2,336  
Free Cash Flow (3)         526         471       1,236         1,423  
Adjusted Financial Results                                
Adjusted Operating Profit Before Depreciation and Amortization (1)



4,167 3,912
Adjusted OPBDA Margin (1)        






    27.3 %       27.4 %
Adjusted Operating Profit



2,758 2,719
Adjusted Operating Profit Margin        






    18.0 %       19.1 %
Adjusted Net Income Attributable to DIRECTV        




      1,486         1,442  
Adjusted Diluted Earnings Per Common Share        




      2.61         2.16  

"Adjusted" financial results in the table above and year-to-date discussion below exclude a $166 million pre-tax charge ($136 million after-tax) associated with the revaluation of the net monetary assets of the company's subsidiary in Venezuela at the time of the Bolivar's devaluation in February 2013.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs