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Successful Olympics helps Comcast to top expectations

Wednesday, October 26, 2016 7:22
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(Before It's News)

The Olympic Games helped media producer and distributor Comcast Corporation (NASDAQ:CMCSA) to beat expectations in its latest quarterly results.

Strong performance throughout the group as a whole saw earnings per share (EPS) increase to US$0.92, beating Wall Street forecasts of US$0.91.

Group revenue was also up more than 14% compared to last year and stood at US$21.32bn for the period, again edging out analysts’ expectations of US$21.15bn.

The 2016 Rio Olympics – hailed as the “most profitable and successful” games ever by group chief executive Brian Roberts – was broadcast exclusively by Comcast-owned NBC and generated US$1.6bn in total revenues, with US$1.2bn of that coming from advertising.

A solid three months of trading from Universal Parks and Resorts also beefed up Comcast’s results, with theme park revenues jumping nearly 61% to US$1.4bn.

CEO Roberts said: “I’m pleased to report that our businesses generated double-digit revenue and operating cash flow growth for the third quarter of 2016.

“NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our theme parks, and the theatrical success of The Secret Life of Pets this quarter.”

Away from the financials, Comcast enjoyed a good few months in terms of subscribers to its cable TV offering, with 32,000 signing up to its services in the period.

High speed internet users also rose by 330,000, its best third quarter result for seven years.

The strong performance comes after its rival and fellow telecoms conglomerate AT&T announced a massive US$85bn deal to acquire Time Warner.

That deal is likely to have to undergo a lot of scrutiny from regulators before it gets the official go-ahead.

Should regulators decide that the deal is fair and legal, it could pose a serious thorn in the side of Comcast according to some analysts.

Shares in Comcast were flat in pre-market trading at US$64.50.

Story by ProactiveInvestors

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