Liberty Media (LMCA) swung to a profit in the fourth quarter, while Liberty Interactive (LINTA) also booked stronger earnings amid revenue growth at QVC. <\/p>\n
Liberty Media said Friday its operating profit checked in at $189 million, compared to a $60 million loss in the same period a year earlier. Adjusted operating income before depreciation and amortization went from a $30 million loss to a $319 million gain. According to FactSet, analysts were looking for adjusted results of $336.4 million. <\/p>\n
Revenue ticked 2% higher to $1 billion, missing Wall Street expectations for $1.03 billion. <\/p>\n
The Englewood, Colo.-based company was recently involved in a push by Charter Communications (CHTR) to acquire larger cable rival Time Warner Cable (TWC). Liberty Media owns a 27% stake in Charter, which made a bid for its larger cable rival. But earlier this month, Comcast (CMCSA) swooped in with a $45.2 billion offer. <\/p>\n
Liberty Media also owns about 52% of Sirius XM (SIRI). It offered last month to buy the remaining stake for $3.68 a share. On Friday, Liberty Media CEO Greg Maffei said the company is responding to requests for information from the satellite radio operators special committee. <\/p>\n
We believe this combination will simplify the capital structure, further align management and provide ultimate strategic and financial flexibility, he added. <\/p>\n
Liberty Interactive reported an operating profit of $404 million versus $382 million in the year-ago period. Adjusted OIBDA fell 1% to $618 million. Revenue grew 2.7% to $3.23 billion. <\/p>\n
Shopping network QVC, the largest top-line contributor, logged a 1.8% increase in revenue to $2.74 billion. The segments U.S. revenue jumped 5.7% to $1.93 billion. Revenue at the e-commerce unit was up 6.6% at $487 million. <\/p>\n
Maffei, who also serves as CEO of Liberty Interactive, said the owner of video and Internet properties will split the A and B series of its Liberty Ventures Group tracking stock early in the second quarter. <\/p>\n
Class A shares of Liberty Media rose 0.8% to $137.21 early Friday morning. Liberty Interactive fell 1.9% to $29.11. <\/p>\n
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Liberty Media Swings to Fourth-Quarter Profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Liberty Media (LMCA) swung to a profit in the fourth quarter, while Liberty Interactive (LINTA) also booked stronger earnings amid revenue growth at QVC. Liberty Media said Friday its operating profit checked in at $189 million, compared to a $60 million loss in the same period a year earlier. Adjusted operating income before depreciation and amortization went from a $30 million loss to a $319 million gain Continue reading