Comcast Adjusted Profit Rises, Beats Forecasts
Comcaston Tuesday reported a quarterly profit that improved from a year earlier and topped analysts' expectations as it benefited from ad sales at newly acquired NBC Universal and boosted its Internet and phone subscriber total.
The cable operator turned in an adjusted first-quarter profit of 36 cents a share for the first quarter, compared with 31 cents a share a year earlier.
The profit is adjusted by 2 cents a share for merger and acquisitions costs. Comcast became the parent company of NBC Universal, which includes CNBC, in late January.
Comcast was seen earning 34 cents a share on sales of $12.974 billion, according to a consensus estimate from Thomson Reuters.
Comcast reported revenue of $13.3 billion on a pro forma basis that includes its NBC Universal business for the full three months of the quarter. On a GAAP basis which includes NBC Universal for only two months, Comcast reported revenue of $12.1 billion.
Comcast shares were flat in extended trading Tuesday. Get real-time quotes for Comcast here.
The stock finished Tuesday's Nasdaq session 0.26 percent lower at $26.61.
Comcast's net income for the quarter rose to $943 million, or 34 cents a share, compared with $866 million, or 31 cents a share, the year before.
"Cable had an outstanding quarter with continuing momentum in both our residential and Business Services operations," Brian Roberts, CEO of Comcast, said in a prepared statement. "We had particularly strong growth in high-speed Internet, consistent growth in voice services, and improving video customer results."
"The performance of NBC Universal was led by our cable networks, which posted strong growth across the board," he continued.
Advertising revenue at NBCU's cable networks grew 14 percent to $769 million while NBC Entertainment saw its advertising revenue rise by 8 percent to $910 million.