Liberty Media Corp. said higher revenue at various subsidiaries helped the holding company return to a profit in the latest quarter from a loss the previous year.
The Douglas County-based company on Monday said it earned $254 million, or 9 cents a share, on revenue of $1.99 billion in the first quarter. In the previous year, it lost $10 million, or less than a penny a share, on revenue of $1.75 billion.
Analysts were expecting earnings of 2 cents a share, according to a survey done by Thomson Financial.
Liberty Media said total revenue at QVC Inc. rose to $1.46 billion from $1.28 billion a year earlier, reflecting higher revenue from the shopping channel’s domestic and international operations.
QVC’s operating income increased to $200 million from $153 million, as the unit’s reach expanded both domestically and overseas. Liberty owns 98.7 percent of the unit.
Liberty Media said Starz Entertainment Group LLC’s first-quarter revenue climbed to $254 million from $232 million, but operating income fell to $36 million from $53 million.
Banc of America analyst Michael Savner gave Liberty’s earnings a “neutral” rating despite better-than-expected results from QVC.
“Full year guidance for QVC was increased slightly,” he wrote in his report. “We don’t anticipate a material increase to our estimates.”
It is expected that chairman and chief executive John Malone is close to finalizing a deal with News Corp. chairman Rupert Murdoch. For months, the pair have been working on a deal that would relinquish Liberty’s 19 percent voting stake in News Corp.
Denver Post staff writer Kimberly S. Johnson contributed to this report.
