Cable operator Comcast Corp. (CMCSA,CMCSK) is slated to announce its fourth-quarter results before the market opens Wednesday. Wall Street analysts have a consensus earnings estimate of $0.27 per share on revenues of $8.96 billion for the quarter. In the prior-year fourth-quarter, the company reported adjusted earnings of $0.27 per share and revenue of $8.77 billion.
Like many other sectors, the cable industry and the providers of cable, entertainment and communications products have been affected by consumers' frugal spending habits, amid the challenging economic environment, which impacts landline phone service and pricey premium service packages. In addition, they face increased competition from telecommunication service providers that offer rival services in more markets.
However, the Philadelphia, Pennsylvania-based company managed to post an increase in its third-quarter profit totaling $944 million or $0.33 per share, compared to $771 million or $0.26 per share in the year-ago quarter, aided by an increase in revenues and lower capital spending during the quarter. Revenues for the quarter improved 3% to $8.80 billion from $8.55 billion in the prior-year quarter.
While releasing third-quarter results, Brian Roberts, Chairman and Chief Executive Officer of Comcast, said, "The strength and resilience of our businesses combined with our continued emphasis on expenses and prudent capital management helped us achieve healthy operating and financial results in the third quarter. We continued to execute well, maintaining our focus on balancing revenue, cash flow and customer growth while at the same time investing in attractive businesses like Comcast Business Services."
Comcast cable revenue for the third quarter increased 2.8% to $8.36 billion, and Programming segment revenues rose 10.3% to $383 million, while Corporate and other revenues dropped 10.7% to $63 million.
As of September 30, 2009, Comcast's video, high-speed Internet and voice customers totaled 46.8 million, up 3.7% from the prior year, with 20.3% rise in voice customers and 6.4% growth in high-speed Internet customers. Video customers, however, declined 2.7% to 23.76 million. Digital video customers as at the end of the quarter totaled 18.01 million, up 7.4% from a year ago.
The company added 375 thousand voice customers and 361 thousand high-speed Internet customers during the third quarter, while video subscribers declined by 132 thousand. The company added 1.07 million revenue generating units in the third quarter.
Earlier in December 2009, the company increased its annual dividend by 40% to $0.378 per share, and also announced its intention to complete its $3.6 billion share repurchase authorization over the next 36 months.
During the fourth quarter, Comcast and diversified conglomerate General Electric Co. (GE) agreed to form a joint-venture to create a leading entertainment company valued at about $37.25 billion. The joint venture, which would be managed by Comcast, will be 51% owned by Comcast and 49% by GE. The biggest media deal of the year would give Comcast control of GE's media business NBC Universal, which itself is valued at $30 billion.
Among others in the sector, Time Warner Cable Inc. (TWC) posted a fourth-quarter profit of $322 million or $0.91 per share, compared to a loss of $8.16 billion or $25.07 per share last year. Total revenues grew 3% to $4.53 billion from $4.40 billion reported in the prior-year quarter.
CMCSA closed Tuesday's trading session at $16.29, up 35 cents or 2.20%, on a volume of 19.2 million shares, and CMCSK closed at $15.55, up 23 cents or 1.50%, on a volume of 5.31 million shares.
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