Yesterday, Grupo Televisa S.A. (TV: 18.86 -0.02 -0.11%), the largest media company in Mexico, reported financial results for its second quarter 2010 that falls below the Zacks Consensus Estimate. Quarterly consolidated net income was $139.4 million, down 1.2% year over year. Second quarter EPGDS (Earnings per Global Depository Shares) was 25 cents, also below the Zacks Consensus Estimate of 28 cents.The decrease in net income was mainly due to a rise in the integral cost of financing together with an increase in income taxes.
Quarterly consolidated net revenue of $1,116.5 million was an improvement of 14% over the prior-year quarter and was above the Zacks Consensus Estimate of $1,020 million. This was primarily attributable to growth in the Pay Television Networks services as a result of FIFA World Cup Football Competition.
Quarterly gross margin was 55.8% compared with 56.7% in the prior-year quarter. Second quarter consolidated operating income was $327 million, up 2.3% over the year-earlier quarter. Integral cost of financing, in the reported quarter, was $88.6 million, up 38.5% year over year.
At the end of the second quarter of 2010, Grupo Televisa had approximately $2,558.7 million cash and marketable securities compared with $2,313.9 million at the end of fiscal 2009. Capital expenditure, during the reported quarter was $16.9 million.
At the end of the second quarter, Grupo Televisa had $3,273.9 million outstanding debt on its balance sheet compared with $3,355.2 million at the end of fiscal 2009. At the end of the same quarter, debt-to-capitalization ratio was 0.47 compared with 0.49 at the end of fiscal 2009.Segment Details
Television Broadcasting: Quarterly revenue of $449.9 million was up 9.8% year over year. Operating profit was $221.5 million, up 6.2% year over year. Quarterly operating margin was 49.2% compared with 50.9% in the year-earlier quarter.
Pay Television Networks: Quarterly revenue of $60.1 million was up 11.2% year over year. Operating profit was $28.2 million, down 21% year over year. Quarterly operating margin was 47% compared with 66.2% in the year-earlier quarter.
Programming Exports: Quarterly revenue of $49 million was down 0.8% year over year. Operating profit was $22.7 million, down 0.2% year over year. Quarterly operating margin was 46.4% compared with 46.1% in the comparable quarter last year.
Publishing: Quarterly revenue of $62.8 million was down 4.4% year over year. Operating profit was $10.3 million, up 0.7% year over year. Quarterly operating margin was 16.4% compared with 15.5% in the year-ago quarter.
Sky: Quarterly revenue of $218.9 million was up 15.9% year over year. Operating profit was $99.3 million, up 12.6% year over year. However, quarterly operating margin was 45.4% compared with 46.7% in the year-ago quarter.
Cable and Telecom: Quarterly revenue of $224.1 million was up 32.9% year over year. Operating profit was $74.2 million, up 27.3% year over year. Quarterly operating margin was 33.1% compared with 34.5% in the year-earlier quarter.
Other Businesses: Quarterly revenue of $76 million was up 14.1% year over year. Operating income was $3.7 million, up 265.3% year over year. Quarterly operating margin was 11.5% compared with negative 3.4% in the year-ago quarter.
Subscriber Statistics
At the end of the second quarter of 2010, Grupo Televisa had 1,901,187 video subscribers, 738,027 broadband subscribers and 441,174 Voice subscribers. Together these constitute 3,080,388 revenue generating units in the Cable and Telecom segment. At the end of the same quarter, Grupo Televisa had 2,448,776 gross active satellite TV subscribers including 147,297 commercial subscribers. Pay-Television Network Subscriber base was 24,000,000.
Television Broadcasting: Quarterly revenue of $449.9 million was up 9.8% year over year. Operating profit was $221.5 million, up 6.2% year over year. Quarterly operating margin was 49.2% compared with 50.9% in the year-earlier quarter.
Pay Television Networks: Quarterly revenue of $60.1 million was up 11.2% year over year. Operating profit was $28.2 million, down 21% year over year. Quarterly operating margin was 47% compared with 66.2% in the year-earlier quarter.
Programming Exports: Quarterly revenue of $49 million was down 0.8% year over year. Operating profit was $22.7 million, down 0.2% year over year. Quarterly operating margin was 46.4% compared with 46.1% in the comparable quarter last year.
Publishing: Quarterly revenue of $62.8 million was down 4.4% year over year. Operating profit was $10.3 million, up 0.7% year over year. Quarterly operating margin was 16.4% compared with 15.5% in the year-ago quarter.
Sky: Quarterly revenue of $218.9 million was up 15.9% year over year. Operating profit was $99.3 million, up 12.6% year over year. However, quarterly operating margin was 45.4% compared with 46.7% in the year-ago quarter.
Cable and Telecom: Quarterly revenue of $224.1 million was up 32.9% year over year. Operating profit was $74.2 million, up 27.3% year over year. Quarterly operating margin was 33.1% compared with 34.5% in the year-earlier quarter.
Other Businesses: Quarterly revenue of $76 million was up 14.1% year over year. Operating income was $3.7 million, up 265.3% year over year. Quarterly operating margin was 11.5% compared with negative 3.4% in the year-ago quarter.
Subscriber Statistics
At the end of the second quarter of 2010, Grupo Televisa had 1,901,187 video subscribers, 738,027 broadband subscribers and 441,174 Voice subscribers. Together these constitute 3,080,388 revenue generating units in the Cable and Telecom segment. At the end of the same quarter, Grupo Televisa had 2,448,776 gross active satellite TV subscribers including 147,297 commercial subscribers. Pay-Television Network Subscriber base was 24,000,000.
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