Comcast Q4 Profit Edges Down, But Results Top Estimates
Comcast Corp. (CMCSA,CMCSK) on Thursday reported that profit for the fourth quarter edged down 1.1 percent from last year, reflecting higher costs and expenses. Both adjusted earnings per share and quarterly revenues topped analysts’ expectations. The company also declared a 7.4 percent higher quarterly dividend.
For the fourth quarter, net income attributable to Comcast was $3.02 billion or $0.70 per share, compared to $3.06 billion or $0.66 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $0.82, compared to $0.77 per share in the prior-year quarter.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenue for the quarter edged up 0.7 percent to $30.55 billion from $30.34 billion in the same quarter last year. Analysts had a consensus revenue estimate of $30.31 billion for the quarter.
Revenue for Cable Communications grew 1.4 percent to $16.34 billion in the quarter, reflecting increases in broadband, wireless, business services and advertising revenue, partially offset by decreases in video, voice and other revenue.
Total Customer Relationships decreased by 71,000 to 34.30 million and total broadband customer net losses were 26,000. Cable Communications added net 365,000 wireless lines. However, total video customer net losses were 440,000 and total voice customer net losses were 288,000.
Revenue for NBCUniversal grew 5.9 percent to $9.89 billion from last year. Media revenue increased 2.6 percent to $5.98 billion, reflecting higher advertising revenue and distribution revenue. Excluding $263 million in revenue generated by the broadcast of the FIFA World Cup, Media revenue decreased 1.9 percent.
Studios revenue increased 13.1 percent to $2.7 billion, primarily reflecting higher theatrical revenue and content licensing revenue. Theme Parks revenue grew 12.0 to $2.1 billion from last year, reflecting improved attendance and guest spending at parks in the U.S. and Japan compared to the prior year period.
Revenue for Sky decreased 13.0 percent to $4.42 billion from last year. Excluding the impact of currency, revenue was consistent with the prior year period.
Comcast also announced that its Board of Directors declared a 7.4 percent higher quarterly dividend of $0.29 a share on the company’s common stock, payable on April 26, 2023, to shareholders of record as of the close of business on April 5, 2023.
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