Liberty Interactive Corp. QVCA reported mixed financial results in the second quarter of 2015 wherein the top line surpassed the Zacks Consensus Estimate while the bottom line was on par with the same.
Quarterly net income came in at $161 million compared with $157 million in the prior-year quarter. Second quarter earnings per share of 24 cents were exactly in line with the Zacks Consensus Estimate. Meanwhile, quarterly total revenue of $1,998 million reflected a year-over-year decline of 1% but outpaced the Zacks Consensus Estimate of $1,979 million.
Quarterly total operating income came in at $284 million compared with $271 million in the year-ago quarter. In the reported quarter, consolidated adjusted operating income before depreciation and amortization stood at $445 million compared with $433 million in the year-ago quarter.
In the first half of 2015, Liberty Interactive generated $598 million of cash from operations compared with $832 million in the year-ago period. Free cash flow in the reported period was $494 million against $747 million in the prior-year period.
At the end of the second quarter of 2015, Liberty Interactive had total cash and marketable securities of $3,434 million compared with $2,306 million at the end of 2014. The company exited the reported quarter with $7,981 million of outstanding debt compared with $8,051 million at the end of 2014. The debt-to-capitalization ratio at the end of the second quarter stood at 0.56.
QVC, a segment of Liberty Interactive, is a major e-commerce retailer in the U.S. competing with the likes of Amazon.com Inc. AMZN. Liberty Interactive also holds approximately 38% of HSN Inc. HSNI and about 22% of the equity and 57% of the total votes of all classes of TripAdvisor Inc.’s TRIP common stock. Liberty Interactive currently carries a Zacks Rank #3 (Hold).
QVC Segment
Quarterly revenues at the QVC U.S. division inched up 4% year over year to $1,406 million. Revenues from Germany declined 16% to $191 million. QVC Japan’s contribution totaled $199 million, down 11%. QVC’s UK business revenues dropped 3% to $173 million. Italy generated the remaining $29 million, down 15%. Revenues from the Chinese joint venture came in at $38 million, up 15% year over year.
Digital Commerce Segment
Quarterly revenues at the Digital Commerce segment totaled $149 million, up 7% year over year. Quarterly adjusted OIBDA was $18million, up 13% year over year. Meanwhile, operating loss stood at $3 million compared with an operating loss of $9 million in the year-ago quarter.
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