DirecTV 2Q profit climbs 22 percent
DirecTV on Thursday reported profit that rose by 22 percent in its second quarter, helped by demand for World Cup soccer game coverage, and topped analysts' expectations.
The El Segundo, California-based company said earnings increased to $806 million, or $1.59 per share, from $660 million, or $1.18 per share, in the same quarter a year earlier.
The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.
The provider of satellite TV services said revenue rose 5.3 percent to $8.11 billion from $7.7 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $8.03 billion, according to Zacks.
The company reported 34,000 disconnections during the quarter, following losses in the prior three quarters of 84,000, 22,000, and 63,000 in the similar quarter a year ago. The company continues to top 20 million total subscribers.
DirecTV shares have risen $17.19, or 25 percent, to $86.25 since the beginning of the year, while the Standard & Poor's 500 index has increased 6.6 percent. The stock has increased $22.97, or 36 percent, in the last 12 months.