DirecTV Beats on Q4 EPS; $3.5 Billion Share Buyback Launched

DirecTV is reporting a better-than-expected Q4. In its quarterly and fiscal 2013 results released today, the company said it took in $8.6 billion in revenues for the quarter, up from the $8.0 billion in the same period the previous year. Attributable net income was $810 million ($1.53 per diluted share), a drop from the $942 million ($1.55) of Q4 2012. On average, analysts had been expecting $8.5 billion in revenues and EPS of $1.30 for the quarter.

For the full year, DirecTV's top line was $31.8 billion, against the year-ago figure of $29.7 billion. Net profit slumped to $2.86 billion ($5.17 per diluted share), from 2012's $2.95 billion ($4.58).

The company also announced the start of a share repurchase program for up to $3.5 billion worth of its stock. It said the initiative "reflects our strong balance sheet and confidence in continued strong DIRECTV revenue, earnings and free cash flow growth, as well as our belief that our stock is far below our intrinsic value."