Comcast 3Q Revenue Dips Without Benefit Of Olympics

Comcast Corp. said third quarter net income  fell to approximately $1.732 billion, or 65 cents per share,  from $2.113 billion, or 78 cents a share, in the year-earlier period, the result of comparisons with a year-earlier quarter that included one-time gains from asset sales and an Olympics broadcast.

Profit fell approximately 18% in the period, though the Philadelphia company said it rose approximately 39% when the year-earlier gains were stripped out.

Revenue in the period fell about 2.4%, the company said, to $16.15 billion from $16.54 billion in the year-earlier period. Excluding $1.2 billion of revenue generated by the Olympics in the third quarter of 2012, revenue increased 5.2%.

The company’s results trumped analyst estimates, which called for Comcast to earn 60 cents a share.

At the company’s cable operations,  revenue rose 5.2% to $10.5 billion in the third quarter, compared with $10 billion in the year-earlier period. Comcast said it saw an increase of 7.9% in revenue from high-speed Internet, 26.4% from business-services and 2.9% from video, partially offset by a 10.8% decline in advertising revenue due to a smaller amount of political advertising.

While Comcast saw increases in customers for high-speed services, voice and so-called “triple play” services, it did lose approximately 129,000 customers who subscribe strictly to video services, compared with a loss of 117,000 in the year-earlier quarter.

At NBCUniversal, the company said revenue fell 14.2% to $5.9 billion in the third quarter,. compared with $6.8 billion in the year-earlier period. Revenue increased 3.9% excluding the effects of the Olympics.

Third-quarter revenue from NBCU’s broadcast-TV operations, fell 41.1% to $1.6 billion from $2.8 billion in the year-earlier period. Excluding $1.2 billion of revenue generated by the Olympics in the third quarter of 2012, Comcast said revenue increased 2.6% driven by higher retransmission consent fees and a 2.6% increase in advertising revenue.

Third-quarter revenue from the NBCU’s cable networks increased 4% to $2.23 billion,. compared with $$2.15 billion in the year-earlier period. Comcast said distribution revenue rose 5.4%, and advertising revenue rose 4.6%, offset partially by a 6.5% decline in revenue from content licensing and other categories.

Third-quarter revenue from filmed entertainment increased 3.3% to $1.4 billion, compared with $1.36 billion in the year-earlier quarter. The company cited strong box office performance by “Despicable Me 2,” but noted it was partially offset by a decrease in home entertainment revenue due to lower volume of new releases compared to last year.

 

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