Here’s yet another mixed-bag Big Media report on this unusually busy morning, although the 2% pre-market jump in Comcast‘s shares suggests that the earnings growth here is especially impressive. The cable and entertainment colossus generated $1.65B in net income in Q1, +13.7% vs the period last year, on revenues of $15.3B, +2.9%. Analysts thought that revenues would come in a little higher, at $15.4B. But earnings of 54 cents a share beat forecasts for 50 cents. NBCUniversal did its part, with operating cash flow +17.2% to $953M — despite a 2.4% drop in revenues to $5.34B. (It would have been up 2.4% if you factor out last year’s $259M from NBC’s Super Bowl coverage.) Cable network revenue was +4.6% to $2.2B with operating cash flow +6.2% to $859M. Comcast says that affiliate fees were up 8.6% while ad price increases offset lower ratings to raise sales 2.5%. The story’s drearier at the broadcast operation: Its operating loss increased to $35M from $14M last year while revenues fell 18.5% to $1.5B. (The drop would be just 5.3% without last year’s Super Bowl.) The main culprits, the company says, were “lower primetime ratings at the NBC broadcast network and lower content licensing revenue.” In Filmed Entertainment, the company says that Les Miserables helped to propel revenues +2% to $1.2B with operating cash flow up to $69M from $6M in the period last year. Theme Parks also performed with revenues +12.2% to $462M and operating cash flow +10.3% to $173M. CEO Brian Roberts says that following his company’s acquisition of General Electric’s stake in NBCU it will “drive innovation and operational excellence to deliver superior entertainment and communications choices for consumers.”
Over at the cable systems, Comcast revenues were +6.4% to $10.2B with operating cash flow of $4.2B, +6.7%. It lost 60,000 video customers in the year, for a total of 21.9M at the end of March. That was offset by the 433,000 increase in broadband customers, to 19.8M, and 211,000 pick up in phone customers to 10.2M.