Liberty Media Corporation Earnings: Profit Stagnant, But QVC Delivers
Liberty Media Corporation (NASDAQ:LINTA) reported its results for the first quarter. A holding company through its ownership of interests in subsidiaries and other companies is engaged in the video and on-line commerce, media, communications and entertainment industries.
Liberty Media Earnings Cheat Sheet for the First Quarter
Results: Consolidated revenue for the catalog and mail order house increased 4% to $1.8 billion from the same quarter a year ago.
Revenue: Rose 7% to $2.2 billion YoY.
Actual vs. Wall St. Expectations: LINTA beat the mean analyst estimate of 13 cents/share. Estimates ranged from 8 cents per share to 16 cents per share.
Quoting Management: “QVC drove solid revenue growth of 4% against a challenging prior year comparison,” stated Mike George, QVC President and CEO. “While our consolidated adjusted OIBDA declined slightly from the prior year, this was driven by three extraordinary events: our Italy start-up, the change in our QCard program with GE Money Bank and the impact of the tragedies in Japan. In the US, our 3% revenue growth in the first quarter contributed to a 14% two year growth rate, placing us among the faster growing large retailers in the US. Exceptional revenue growth from new customers and eCommerce, inclusive of mobile, in the US, Germany and the UK, are the leading factors in this quarter’s performance. We are committed to creating highly immersive shopping experiences with differentiated products, engaging personalities, high levels of community involvement and simultaneous engagement over multiple platforms – an experience that cannot be replicated by either store based or internet retailers.”
Competitors to Watch: Liberty Media Corp (NASDAQ:LSTZA), Liberty Media Corp (NASDAQ:LCAPA), Outdoor Channel Hldgs., Inc. (NASDAQ:OUTD), Scripps Networks Interactive, Inc. (NYSE:SNI), CBS Corporation (NYSE:CBS), Crown Media Holdings, Inc (NASDAQ:CRWN), Discovery Communications Inc. (NASDAQ:DISCA), NTN Buzztime, Inc. (AMEX:NTN), and ValueVision Media, Inc. (NASDAQ:VVTV)
Stock Performance: Shares of LINTA are up 2% from the previous close of $17.53.