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DirecTV profit beats Street; shares rise
Reuters - Thursday, February 24
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NEW YORK - DirecTV Group's quarterly profit beat Wall Street expectations on strong subscriber growth as it lured customers away from cable providers, sending its shares up 3.5 percent.
The company added 289,000 subscribers in the United States during the fourth quarter. Kaufman Brothers analyst Todd Mitchell had expected DirecTV to add some 255,000 subscribers.
DirecTV's gains come at the expense of the cable industry, where providers have been shedding basic video subscribers. Comcast Corp lost 135,000 customers last quarter.
"The majority of new subscribers came from cable providers," Chief Executive Mike White told analysts on a conference call.
DirecTV also receives new subscribers who are leaving cable companies when sign-up promotions end after a year or 18 months, Kaufman Brothers' Mitchell said.
Cable television providers have also lost subscribers because many of their customers can no longer afford their services in a tough economy. DirecTV has not been hurt by this type of subscriber loss because it targets a higher-paying customer with premium offerings such as "NFL Sunday Ticket," new high-definition boxes and digital recording devices that are accessible in several rooms in a home.
The company did not provide an EPS outlook for 2011, but said that "from an operating and financial perspective, 2011 is expected to look a lot" like 2010." It added that revenue growth will be in the mid-to high single-digits, which is in line with the average estimate of analysts of growth of 8 percent.
The company said it will maintain its EPS target of $5 per share by 2013.
Much of DirecTV'S growth will come from its operations in Latin America, where it continues to gain market share, the company said. It added 378,000 new subscribers in Latin America in the quarter.
In the United States, DirecTV is testing offering some of its programing, such as "NFL Sunday Ticket," over the Internet and making more basic packages available to consumers.
CEO White said in an interview the company is getting more creative with mobile devices. The first step will be releasing a new iPad app in March, which viewers can use as a remote. White added that, by the end of the year, customers will be able to watch digitally recorded content on different mobile devices.
Live streaming of video is also on the horizon by next year or 2013, he said.
"We're going to have to learn and see how much consumers consume of live stream video to see how big that market is and to me, that's probably more in 2012 and 2013," White said.
The satellite television service's earnings per share of 74 cents beat analysts' average estimate of 62 cents, according to Thomson-Reuters I/B/E/S.
Net income was $618 million, compared with a year-earlier loss of $32 million.
Revenue rose 11 percent to $6.62 billion from $5.98 billion. The average Thomson-Reuters forecast was $6.5 billion.
It also announced a $6 billion stock buyback program.
DirecTV's main competitor in satellite TV, DISH Network Corp will report earnings on Thursday before the stock market opens. Kaufman Brother's Mitchell is expecting Dish to add 45,000 subscribers over the quarter.
DirecTV shares were up 3.5 percent at $45.78 in midday trading on the Nasdaq.
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