Hughes Electronics, DirecTV Report Solid Second-quarter Results

By | July 17, 2003 | Uncategorized

Hughes Electronics [NYSE: GMH] and its satellite TV subsidiary, DirecTV, notched strong results for the second quarter ended June 30.

Hughes reported that second quarter 2003 revenues increased 8.1 percent to $2.37 billion compared with $2.19 billion in the second quarter of 2002. Operating profit before depreciation and amortization for the quarter increased 167 percent to $404.7 million and operating profit to $140.0 million, compared with operating profit before depreciation and amortization of $151.6 million and an operating loss of $98.7 million in the same period of 2002.

In addition, Hughes had second quarter 2003 net income of $21.6 million, compared to a net loss of $155.1 million in the same period of 2002. The key driver for the improvement in solid second quarter results appears to be DirecTV, which more than doubled its U.S. operating profit, before depreciation and amortization, to a record $325 million and more than tripled its operating profit to $201 million.

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