Comcast on Thursday reported fiscal fourth-quarter results that beat analysts ’estimates on both the top and bottom lines.
Comcast also reported net customer additions for high-speed internet service in Q4, with an additional 11 million people for its new streaming service, Peacock.
The stock went up more than 3% in extended trading.
Here are the key numbers:
- Earnings per share: 56 cents adj. expected 48 cents, according to a Refinitiv study of analysts.
- Income: It was expected to be $ 27.71 billion vs. $ 26.78 billion, according to Refinitiv.
- High Speed Internet Customers: 538,000 vs 490,000 nets adds to the expectation, according to FactSet
The company said Peacock, led by NBCUniversal, has now submitted 33 million signatures across the U.S., up from 22 million in the last quarter. The company said its special agreement should stream combat matches from the US-based WWE Network, announced earlier this week, to also guide signage and engagement, along with the launch of “The Office.” recently launched on the platform.
Comcast also raised its quarterly dividend to 25 cents per share from 23 cents. Comcast CEO Brian Roberts said in the earnings report that the company also expects to begin repurchasing shares later in 2021.
The company reported its fourth-quarter best yield on a record for total customer relationships, adding 455,000 customers to 33.1 million. It sent 538,000 high-speed internet customers.
Comcast said its Europe-based Sky division has continued to add customers, up 244,000 to 23.9 million in Q4. That brought its customer relationships and Sky’s total revenue in Europe back to pre-Covid 2019 levels, the company said.
The Comcast theme park division, which suffered as a result of the Covid-19 pandemic, continued to feel the effects of continued closure and capacity reduction. Theme park revenue fell nearly 63% to $ 579 million. The company said adjusted earnings before interest, taxes, depreciation and depreciation were $ 15 million, which included costs for Universal Beijing that had not yet been opened.
“Without these costs, and better attendance at Orlando and Osaka parks, even with Hollywood closed, the Theme Parks have reached a balance,” the company said in their report.
The company has also had the film pandemic, which disrupted film theater activity and shut down some film production. Sector revenue fell 8.3% to $ 1.4 billion. The company said that was partially offset by higher content licensing revenue. Its modified EBITA increased more than 65% to $ 151 million, “reflecting lower revenues offset by lower operating costs – driven by lower advertising, marketing and promotion costs as a result of fewer emissions than the previous year. ”
The company said the rollout of the vaccines gives hope that the affected industry sectors will return to growth.
Here’s how Comcast’s divisions for the quarter did:
- Cable communications accounted for $ 15.7 billion in revenue, up 6.3%.
- Cable networks generated $ 2.7 billion in revenue, down 6.4%.
- Broadcast television accounted for $ 2.8 billion in revenue, down 12%.
- Film entertainment generated $ 1.4 billion in total revenue, down 8.3%.
- Theme parks generated $ 579 million in revenue, down 63%.
This is an evolving story. Please check back for updates.
Disclosure: Comcast is the owner of NBCUniversal, a major CNBC company.
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