EL SEGUNDO, California — DirecTV surpassed 38 million total subscribers in Q1 2014. The company’s Sky Brazil and PanAmericana added 361,000 net new customers in the quarter, bringing the DirecTV Latin America and Sky Mexico combined subscriber total to over 18 million.
DirecTV reported that Q1 2014 revenues increased 4% to $7.86 billion, adjusted operating profit before depreciation and amoritzation (OPBDA) increased 7% to $2.22 billion, adjusted operating profit increased 7% to $1.51 billion and adjusted diluted earnings per share improved 14% to $1.63. Adjusted financial results excluded a pre-tax (and after-tax) charge of $281 million in Q1 2014 and a pre-tax charge of $166 million in Q1 2013, resulting from the revaluation of the net monetary assets of the company’s subsidiary in Venezuela. Reported OPBDA increased 1% to $1.94 billion, reported operating profit decreased to $1.23 billion and reported diluted earnings per share decreased to $1.09.
Mike White, DirecTV president and CEO:
“Our first quarter results continue to demonstrate the strong execution of our operations. In the U.S., operating profit before depreciation and amortization margin expanded year-over-year for the third consecutive quarter, highlighting our commitment to profitably grow our businesses through significantly improving the customer service experience, disciplined expencse management and productivity initiatives. In Latin America, despite challenging macroeconomic headwinds, we continue to profitably expand our share of the growing pay TV market while delivering adjusted OPBDA margin of 30%. In addition, by leveraging the achievements of both DirecTV U.S. and DirecTV Latin America with the strength and stability of our cash flow, we continue to return cash to shareholders through stock repurchases at an industry leading clip.”