Subscriber gain breaks company records
DirecTV, the nation’s biggest satellite provider, saw net profit surge 31% last quarter and the largest annual net subscriber gain in the company’s history thanks to its Latin America biz, said CEO Mike White.The satcaster posted profit of $942 million as revenue rose 8% to $8 billion. “Our solid fourth-quarter consolidated results capped off another year of impressive revenue, earnings and cash flow growth,” White said. He said the company added nearly 3.8 million net new customers, including for Sky Mexico. The shares popped 2% higher in early trading as the company, which posted full-year 2012 revenue of nearly $30 billion, also approved a new $4 billion stock repurchase plan. DirecTV U.S. revenue rose 5% last quarter to $6.3 billion. Net subscriber growth dipped by 103,000. Average monthly revenue per subscriber rose to $105.15 from $101.38. It ended the quarter with just over 20 million subs Stateside. In Latin America, quarterly revenue increased 22% to $1.67 billion DirecTV owns about 93% of Sky Brasil, 41% of Sky Mexico and 100% of PanAmericana, which covers most of the remaining countries in the region. Sky Mexico results are accounted for as an equity investment and not consolidated had about 5 million subscribers at year-end, bringing the company’s total in the quarter to just under 15.5 million. The region logged net additions of 658,000 subs for the quarter.