Barry Diller’s InterActiveCorp saw modest gains from its entertainment offerings, but big growth in online travel helped the conglom boost revenue and earnings in the third quarter.
Overall revenue was up 13% at $1.5 billion when adjusted for an accounting change. Adjusted net income was $181 million, up 40% from the same quarter a year ago.
Revenue at shopping channel HSN was up 3%. Rev growth was driven by an 8% increase in average price point, while HSN’s unit shipments declined 6%. Division’s operating income was up 8% at $29.9 million due to higher margins. Company said it would have made even more money had it not been negatively impacted by evacuations and guest cancellations at its broadcasting facilities and call center in hurricane-prone Florida.
Numbers were similar for Ticketmaster, which boosted revenue due to higher prices that more than made up for a fall in unit shipments. Overall revenue grew 2% to $182 million, while operating income was up the same amount at $25.2 million. Unit saw an 8% increase in revenue per ticket, compensating for a 5% fall in ticket volume it blamed on a slow summer season.
IAC announced a plan to buy back 80 million shares. Company’s stock is down about 34% from its highs a year ago.
Investors were happy about Wednesday’s earnings and buyback plan, though, bidding IAC shares up 14% to close at $25.01.