Liberty Media Corp. LMCA reported disappointing financial results in the second quarter of 2015 wherein both the top and the bottom line missed the respective Zacks Consensus Estimate.
Quarterly net income stood at $61 million compared with $50 million in the year-ago quarter. Second-quarter earnings per share of 18 cents were well below the Zacks Consensus Estimate of 23 cents.
Quarterly total revenue came in at $1,222 million, up from $1,160 million reported in the prior-year quarter. However, the figure missed the Zacks Consensus Estimate of $1,252 million.
In the second quarter of 2015, Liberty Media’s adjusted operating income before depreciation and amortization came in at $418 million compared with $372 million in the year-ago quarter. Quarterly operating income was $171 million compared with $231 million in the prior-year quarter. Adjusted EBITDA stood at $415 million, up 12% from the year-ago quarter level.
In the second quarter of 2015, Liberty Media generated $402.3 million of cash from operations compared with $340.7 million in the prior-year quarter. Free cash flow in the reported quarter was $370.9 million against $335 million in the year-ago quarter.
At the end of the first half of 2015, Liberty Media had $814 million of cash and cash equivalents against $1,088 million at the end of 2014. Total long-term debt, at second quarter-end, was $6,557 million compared with $5,595 million at the end of 2014. At second-quarter end, the debt-to-capitalization ratio stood at 0.25 compared with 0.21 at the end of 2014.
Liberty Media currently has a Zacks Rank #5 (Strong Sell). The company partially controls media company Viacom Inc. VIAB and concert promoter Live Nation Entertainment Inc. LYV. Moreover, Liberty Media holds a majority stake in satellite radio broadcaster SIRIUS XM Radio Inc. SIRI.
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