| | | Qurate Retail Swings to Q3 Adjusted Earnings, Revenue Falls
Nov 3, 202309:24 EDT
 QRTEA+52.22%
Qurate Retail QRTEA reported Q3 adjusted earnings Friday of $0.10 per share, swinging from a loss of $0.08 a year earlier.
Two analysts polled by Capital IQ expected normalized earnings of $0.02 per share.
Revenue for the quarter ended Sept. 30 was $2.48 billion, down from $2.74 billion a year earlier. An analyst surveyed by Capital IQ expected $2.54 billion.
The company's Class A shares were up nearly 23% in recent Friday premarket activity.
QRTEP too :)
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Press Release: Qurate Retail, Inc. Reports Third Quarter 2023 Financial Results
Nov 3, 202307:01 EDT
QRTEA+52.22%
(11:00 GMT) *Qurate Retail 3Q Rev $2.48B >QRTEA
(11:01 GMT) Press Release: Qurate Retail, Inc. Reports Third Quarter 2023 Financial Results
Qurate Retail, Inc. Reports Third Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--November 03, 2023--
Qurate Retail, Inc. ("Qurate Retail") ( QRTEA, QRTEB, QRTEP) today reported third quarter 2023 results(1) .
"We are delivering on our Project Athens transformation as planned and have made tangible progress toward building a materially stronger profit and cash flow profile," said David Rawlinson, President and CEO of Qurate Retail. "We produced strong Adjusted OIBDA growth of over 50% as reported with increases at each of our businesses, sustained gross margin gains in our core video commerce businesses and grew free cash flow, all while moderating the decline in revenue compared to the first half of the year.
"While we have meaningful work still ahead of us, our third quarter results strengthen our confidence in our ability to navigate the current challenged environment and to meet our Project Athens objectives. We reiterate our expectations for a double-digit CAGR on Adjusted OIBDA and free cash flow with stable revenues through 2024 compared to 2022."
Third quarter 2023 operating results:
- Qurate Retail revenue decreased 3%(2) to $2.5 billion in both US Dollars and constant currency(3)
- Qurate Retail grew Adjusted OIBDA(4) 35%(2) in constant currency
- Qurate Retail reported diluted EPS of $0.00
-- Adjusted diluted EPS(4) of $0.10
- QxH revenue decreased 3%
- QVC International revenue increased 4%
-- In constant currency, revenue increased 1%
- Cornerstone revenue decreased 13%
Corporate headlines:
- $435 million reduction in revolver balance using operating cash flow and insurance proceeds
- Remaining 1.75% exchangeable debentures were retired or exchanged during Q3 or after quarter-end
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2023 to the same period in 2022.
THIRD QUARTER 2023 FINANCIAL RESULTS
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