Liberty Interactive Corp. (LINTA) reported mixed financial results for the third quarter of 2013. Quarterly net income was $77 million or 15 cents per share compared with $38 million or 7 cents per share in the year-ago quarter. Third-quarter 2013 earnings per share of 15 cents fell below the Zacks Consensus Estimate of 18 cents.
Quarterly total revenue of $2,245 million reflected a yearly improvement of 2.2% and above the Zacks Consensus Estimate of $2,240 million.
Quarterly total operating income came in at $205 million compared with $189 million in the year-ago quarter. In the reported quarter, consolidated adjusted operating income before depreciation and amortization was $396 million, remaining same year over year. In the reported quarter, Liberty Interactive repurchased approximately 12.4 million Class A shares for a total consideration of $303.3 million.
In the first nine months of 2013, Liberty Interactive generated $751 million of cash compared with $944 million in the year-ago period. Free cash flow in the reported period was $534 million against $579 million in the prior-year period.
At the end of the third quarter of 2013, Liberty Interactive had total consolidated cash and marketable securities of $2,876 million compared with $4,479 million at the end of 2012. Liberty Interactive exited the reported quarter with $7,034 million of outstanding debt compared with $7,884 million at the end of 2012. The debt-to-capitalization ratio was 0.33 compared with 0.45 at the end of 2012.
According to Internet Retailer, after Amazon.com Inc. (AMZN), QVC is the second-largest e-commerce retailer in the U.S. Liberty Interactive holds approximately 38% in HSN Inc. (HSNI) and about 22% of the equity and 57% of the total votes of all classes of TripAdvisor Inc. (TRIP) common stocks. Liberty Interactive currently has a Zacks Rank #3 (Hold).
Quarterly total revenue of the QVC segment was $1,947 million, up 2% year over year. Consolidated adjusted OIBDA was $408 million, up 3% year over year. Consolidated operating income was $259 million, remaining same year over year.
Quarterly revenues of QVC U.S. inched up 5% year over year to $1,303 million. Gross margin was 37.1% compared with 36.1% in the year-ago quarter. Adjusted OIBDA was $304 million, up 9.4% year over year. Operating income was $191 million, up 10.4% year over year.
Quarterly revenues of QVC International declined 5% year over year to $644 million. Gross margin was 37.4%, remaining same year over year. Adjusted OIBDA was $104 million, down 12.6% year over year. Operating income was $68 million, down 21.8% from the year-ago quarter.
Quarterly revenues of the eCommerce segment were $298 million, up 7% year over year. Quarterly adjusted OIBDA was a negative $5 million, down substantially by 225% year over year. Operating loss was $46 million, up 18% year over year.Read the Full Research Report on AMZN
Read the Full Research Report on LINTA
Read the Full Research Report on TRIP
Read the Full Research Report on HSNI
Zacks Investment Research
- Investment & Company Information