Comcast Beats Q3 Revenue Estimates With Help From Olympics And Films

It must feel good for the executives from Philadelphia to issue a quarterly earnings report that doesn’t have to urge investors to be patient with NBCUniversal. The cable and entertainment giant generated net income in Q3 of nearly $3B, up 155.4% vs the period last year, on revenues of $16.5B, +15.4%. Comcast‘s revenue figure was well ahead of the $16.1B that analysts expected. And after factoring out one-time gains from the sale of wireless spectrum to Verizon Wireless, and NBCUniversal’s interest in A&E Networks, earnings per share came in a 46 cents — just what the Street anticipated. NBCUniversal more than held its own this time, although with some caveats. The cable networks delivered $2.2B in revenues (+3.2%) and $809M in operating cash flow (+7.6%) as increases in payments from pay TV distributors compensated for what the company says were “flat” advertising sales in the quarter. NBC’s broadcast operations, puffed up by the Olympics, generated $2.8B in revenues (+83.8%) with operating cash flow of $88M (up from a $7M loss last year). The picture looks far less cheery, though, if you take away the impact of the London Games: That would have left broadcast revenues of $1.6B (+5.2%) and a cash flow loss of $25M due to the high programming costs for fall season shows and news expenses to cover the presidential election.

Related: NBCU Chief Says NBC Is “Still Underperforming” Despite Ratings Gains

At the Universal Studios film unit, hits including Ted and The Bourne Legacy contributed to revenues of $1.4B (+23.6%) and operating cash flow of $72M (+31.1%). And Universal’s theme park revenues came in at $614M (+5.8%) with operating cash flow of $316M (+11.2%). (more…)

This article was printed from https://deadline.com/2012/10/comcast-q3-earnings-360349/