Comcast Q3 Profit Doubles, Results Top Estimates

(RTTNews) - Comcast Corp. (CMCSA, CMCSK) on Thursday reported that profit for the third quarter doubled from last year, driven by 19 percent revenue growth amid significant growth across each of its businesses. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also declared a quarterly dividend.

In the pre-market trade, CMCSA is trading at $54.25, up $1.81 or 3.45 percent.

Net income attributable to Comcast for the quarter doubled to $4.04 billion or $0.86 per share from $2.02 billion or $0.44 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $0.87, compared to $0.65 per share in the prior-year quarter.

On average, 26 analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 18.7 percent to $30.30 billion from $25.53 billion in the same quarter last year. Analysts had a consensus revenue estimate of $29.87 billion for the quarter.

Revenue for Cable Communications grew 7.4 percent to $16.12 billion in the quarter, reflecting increases in broadband, wireless, business services, video, other, and advertising revenue, partially offset by a decrease in voice revenue.

The company posted the highest level of customer retention on record for a third quarter and the most wireless net additions since the launch of Xfinity Mobile in 2017.

Total Customer Relationships increased by 255,000 to 34.0 million and total broadband customer net additions were 300,000. Cable Communications added net 285,000 wireless lines However, total video customer net losses were 408,000 and total voice customer net losses were 158,000.

Revenue for NBCUniversal surged 57.9 percent to $10.0 billion from last year. Media revenue increased 47.5 percent to $6.8 billion, reflecting higher advertising revenue and distribution revenue. Excluding $1.8 billion of revenue generated by the broadcast of the Tokyo Olympics, Media revenue increased 9.2 percent.

The results at NBCUniversal continue to be driven by the ongoing recovery at its domestic Theme Parks, as well as the success of its linear and streaming Media platforms.

Studios revenue increased 26.8 percent to $2.4 billion, primarily reflecting higher theatrical revenue and content licensing revenue. Theme Parks revenue soared to $1.4 billion from last year's $385 million, reflecting improved operating conditions compared to the prior year period.

At Sky, the UK business maintained its momentum, delivering healthy growth in revenue, EBITDA, and customer relationships. Revenue for Sky increased 4.1 percent to $5.0 billion from last year. Excluding the impact of currency, revenue was consistent with the prior year period, reflecting lower content revenue partially offset by higher advertising revenue and consistent direct-to-consumer revenue.

Separately, Comcast announced that its Board of Directors declared a quarterly dividend of $0.25 a share on the company's common stock, payable on January 26, 2022 to shareholders of record as of the close of business on January 5, 2022.