Successful Q1 for DIRECTV

EL SEGUNDO: U.S. satellite TV giant DIRECTV reported that its first-quarter revenues were up by 14 percent to $5.61 billion, doubling its net profit to $558 million.

“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, the new president and CEO of DIRECTV. “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.”

The U.S. platform posted revenues of $4.77 billion—11-percent up on the year ago period—with an ARPU that gained 6.4 percent to $85.47. There were 100,000 net subscriber additions—as compared with 460,000 this time last year—to end the quarter with a customer base of 18.66 million. Operating profit more than doubled to $808 million.

DIRECTV’s Latin American business generated $779 million in revenues, reflecting a 30-percent increase, with an ARPU that increased from $50.43 to $55.24. Operating profit tripled to $126 million. The division reported 221,000 net subscriber additions, led by its businesses in Brazil, Colombia and Argentina. DIRECTV Latin America had 4.8 million subscribers at the end of the period.