Cable provider Comcast Corp. (CMCSK,CMCSA: Quote) Wednesday said profit in the second quarter increased significantly from last year and topped Wall Street views, with strong performance from the fully-owned NBCUniversal and increased customer additions.
Brian Roberts, CEO, said, "We are pleased with our results this quarter. Cable had outstanding growth, particularly in high-speed Internet, and NBCUniversal had strong performance across all of its businesses.''
Net income attributable to the company advanced to $1.73 billion or $0.65 per share from $1.35 billion or $0.50 per share in the previous year. On average, 28 analysts polled by Thomson Reuters expected earnings per share of $0.63 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue advanced 7 percent to $16.27 billion from $15.21 billion. Analysts expected revenues of $16.01 billion.
Cable Communications revenue rose 5.8 percent to $10.47 billion with a 2.7 percent growth in video and an 8 percent increase in high-speed internet.
Combined Video, High-Speed Internet and Voice Customers increased by 189,000, compared to 138,000 last year, reflecting growth in high-speed Internet and voice customers and reduced losses in video customers.
Revenue for NBCUniversal increased 8.9 percent to $6 billion. Within the business, revenue from Cable Networks segment grew 7.7 percent to $2.4 billion, reflecting a new content licensing agreement, higher distribution and advertising revenues.
It was during the first quarter that Comcast completed the acquisition of General Electric Co.'s (GE) entire 49 percent equity stake in the NBCUniversal joint venture for about $16.7 billion, taking full control of the media company much earlier than expected.
Second-quarter revenue from the Broadcast Television segment increased 11.6 percent to $1.7 billion, driven by a 13 percent increase in advertising revenue, reflecting higher primetime ratings at the NBC broadcast network, and higher retransmission consent fees.
The Filmed Entertainment segment increased revenues by 12.8 percent to $1.4 billion, driven by higher theatrical revenue from the strong box office performance of Fast and Furious 6, as well as higher content licensing revenue from the availability of some films in international television markets.
CMCSA closed at $42.71 on Tuesday and added 3 pecent in pre-market activity. CMCSK settled at $40.79.
by RTT Staff Writer
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