DirecTV reported an increase in Q1 revenues of 14% to $5.61 billion, operating profit before depreciation and amortization of 44% to $1.58 billion and a more than doubling of operating profit to $956 million compared to last year’s Q1.
Q1 net income more than doubled to $558 million compared with the same period last year of $201 million. The results beat Wall Street expectations for earnings of 45 cents a share. Net income was 59 cents per share, in the quarter, besting 20 cents per share a year ago.
DirecTV added 100,000 net new U.S. subscribers in the quarter, as cable MSO continue to lose ground on high monthly rates. DirecTV now serves 18.7 million U.S. subscribers.
“We’re starting 2010 with record-setting financial results that point to the tremendous operating and financial strengths of our businesses in both the U.S. and Latin America,” said Mike White, DirecTV CEO. “Driven by our differentiated and compelling suite of products and services offered throughout the Americas, DirecTV achieved solid double digit revenue growth, significant margin expansion and a more than doubling of free cash flow in the quarter to an all-time high level.”