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DTV Preview: Still Growing

By Steve Birenberg

 About this article:
 DirecTV is expected to report third-quarter 2009 EPS of 39 cents on revenue of $5.42 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) are projected at $1.39 billion. One of the most impressive things about DirecTV is that the company is continuing to grow right through the recession. On a year-over-year basis, revenue is projected to be up 8.7%, EBITDA up 11.2% and EPS up 21.2%. EPS get an extra boost from very aggressive share buybacks that have been in place for several years. Growth remains because DirecTV remains a share-gainer in multichannel TV. Gross adds this quarter should again be over 1 million subscribers. Churn may tick up a few basis points, but net subscriber additions will still be up by 140,000. This compares to flat to lower net adds for cable and is not far off the gains already reported by AT&T ...

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