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Liberty Media Corp. (LMCA - Analyst Report) reported lackluster financial results for the second quarter of 2014. Adjusted earnings per share of 14 cents were significantly lower than the Zacks Consensus Estimate of 71 cents. Quarterly GAAP net income was $50 million compared with $93 million in the year-ago quarter.

Quarterly total revenue came in at $1,160 million as against $1,078 million in the prior-year quarter but fell below the Zacks Consensus Estimate of $1,177 million. 

In the second quarter of 2014, Liberty Media’s adjusted operating income before depreciation and amortization came in at $372 million compared with $362 million in the year-ago quarter. Quarterly operating income was $231 million as against $226 million in the prior-year quarter. Adjusted EBITDA stood at $370.4 million against $283 million in the prior-year quarter.

In the first half of 2014, Liberty Media generated $564 million of cash from operations compared with $607 million in the prior-year period. Free cash flow in the reported period was $453 million against $543 million in the year-ago quarter.

At the end of the second quarter of 2014, Liberty Media had $1,935 million of cash and marketable securities against $2,427 million at the end of 2013. The total debt, at the end of the reported quarter was $5,939 million compared with $5,555 million at the end of 2013. At second quarter end, the debt-to-capitalization ratio stood at 0.18 compared with 0.25 at the end of 2013.

Liberty Media currently has a Zacks Rank #3 (Hold). The company holds a 27.3% stake of the pay-TV operator Charter Communications Inc. (CHTR - Analyst Report) and a 56% stake of the satellite radio broadcaster SIRIUS XM Radio Inc. (SIRI - Analyst Report). Moreover, Liberty Media has also decided to increase its stake in the concert promoter Live Nation Entertainment Inc. (LYV - Snapshot Report) from the existing 27%.

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