DirecTV 1Q profit falls on Venezuela charges
DirecTV, stung by a volatile currency situation in Venezuela, reported that its first-quarter profit fell 19 percent.
Removing those one-time charges, however, the company beat Wall Street expectations and shares rose before the opening bell.
The No. 1 provider of satellite TV services in the U.S. earned $561 million, or $1.09 per share, down from $690 million, or $1.20 per share, in the same quarter of 2013.
Excluding charges related to the revaluation of the company's assets in Venezuela, DirecTV recorded a profit of $1.63 per share, which was much better than projections of $1.51 per shares from industry analysts.
The Venezuelan government devalued its currency, which reduced the value of DirecTv's assets there.
Revenue rose 4 percent to $7.86 billion from $7.58 billion.
Wall Street was looking for revenue of $7.93 billion, according to FactSet.
The company added a net 12,000 U.S. subscribers and ended the quarter with a total of 20.3 million.
Shares of El Segundo, California based DirecTV rose $1.75 to $81.56 in early trading.