The cable systems drive the big numbers for Comcast. But the entertainment operations contributed to the strong results in Q2, including an uptick at Universal which benefited from the success of Fast And Furious 6. The media giant reported net income of $1.74B, +28.6% vs the period last year, on revenues of $16.3B, +7%. The revenue number topped expectations for $16.0B. Earnings at 65 cents a share also beat the 63 cents that analysts anticipated. The NBCUniversal operations contributed $6B in revenue, +8.9%, but the filmed entertainment and cable network operations helped to power a 21.3% gain in operating cash flow to $1.2B. The cable nets saw ad sales rise 5.7% while distribution revenues were up 4.4% — leading to a 7.7% increase in revenues to $2.4B and an 8.9% improvement in operating cash flow to $860M. NBC’s broadcast operations also improved with a 13% pickup in ad sales and rising fees from retransmission consent deals. It wound up with $1.7B in revenues, +11.6%, and operating cash flow of $206M, +6.4%. Filmed entertainment joined in with $1.4B in revenues, +12.8%, and operating cash flow of $33M — up from last year’s $83M loss. But the theme parks struggled financially in a quarter without much help from the Easter holiday, which contributed more to Q1 this year, and as the company increased spending to improve attractions. The unit generated $546M in revenue, +1.1%, while operating cash flow fell 1.6% to $231M. Meanwhile, at the core cable business, Comcast ended the quarter with 21.8M video customers, down 176,000 — which compares to the 159,000 sub loss in the quarter last year. With help from rate hikes and high-speed internet services, though, the systems generated $10.5B in revenue, +5.8%, with operating cash flow of $4.3B, +5.7%. “NBCUniversal has real momentum, with solid growth revenue and double-digit cash flow growth,” CEO Brian Roberts says. “We have a fantastic combination of cable and content businesses with many opportunities ahead.”
By DAVID LIEBERMAN, Financial Editor | Wednesday July 31, 2013 @ 7:12am EDTTags: Comcast, NBCUniversal, Universal Studios
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This article was printed from http://www.deadline.com/2013/07/comcast-q2-earnings-2/
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