Despite Miss, DirecTV Tells Bullish Story By Gary Dvorchak About this article: For Dvorchak's preview heading into the DirecTV conference call, please click here. DirecTV proved that the quarter can matter even in the midst of a large merger by reporting a big miss in quarterly results. DirecTV on Thursday reported quarterly earnings of 20 cents a share, well below the consensus of 33 cents, on revenue that was in line with the Street at $4.9 billion. Results were pinched by lower operating margins and higher debt interest expense. Subscriber growth was very good, growing 67% with 460,000 new adds, well above the Street's 265,000 expectation, but this simply highlights the aggressive promotions necessary to even get close to the revenue estimate. If sub adds had met their internal budget, profit and cash flow would have been up year over year. Rare is the company that can attribute failure to success. Having said that, management fully expects that these... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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