Comcast (CMCSA) Reports In-Line Q2 EPS

Comcast (NASDAQ: CMCSA) reported Q2 EPS of $0.84, in-line with the analyst estimate of $0.84. Revenue was $18.74 billion, with the consensus at $18.14 billion.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “Our second quarter results, including 11.3% revenue growth and 8.0% operating cash flow growth, demonstrate the strength and momentum we are seeing across our businesses. In Cable, high-speed Internet and business services continued to perform extremely well, and, significantly, this was the best second quarter video customer results we’ve had in nine years. Our focus on accelerating the deployment of our transformative X1 platform, as well as efforts to improve customer service, are clearly making a difference, with lower churn across all product categories. NBCUniversal had an exceptional quarter, led by the record-breaking box office performances of Jurassic World and Furious 7 and continued strong momentum in our theme parks. In addition, NBC won the 2014-2015 broadcast season for adults 18-49. Our teams are executing incredibly well across our strong and diversified portfolio, and I am excited for what we can deliver in the rest of 2015 and beyond.”

Cable Networks

For the second quarter of 2015, revenue from the Cable Networks segment decreased 1.0% to $2.5 billion, reflecting a 26.3% decrease in content licensing and other revenue due to the timing of content provided under our licensing agreements and a 3.0% decline in advertising revenue, partially offset by a 5.6% increase in distribution revenue. Operating cash flow decreased 4.6% to $872 million compared to $914 million in the second quarter of 2014, reflecting lower revenue and modest increases in other operating and administrative expenses.

For the six months ended June 30, 2015, revenue from the Cable Networks segment decreased 3.5% to $4.8 billion compared to $5.0 billion in 2014. Excluding $257 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 1.8% (See Table 5). Operating cash flow decreased 2.2% to $1.8 billion in the first six months of 2015.

Broadcast Television

For the second quarter of 2015, revenue from the Broadcast Television segment remained flat at $1.8 billion, reflecting a slight increase in advertising revenue and higher retransmission consent fees, which were offset by lower content licensing revenue. Operating cash flow decreased 3.7% to $231 million compared to the second quarter of 2014, primarily reflecting increases in other operating and administrative expenses, which were largely offset by a decrease in programming and production costs associated with the timing of the airing of certain shows in our primetime schedule.

For the six months ended June 30, 2015, revenue from the Broadcast Television segment decreased 8.5% to $4.1 billion compared to $4.4 billion in 2014. Excluding $376 million of revenue generated by the NFL’s Super Bowl in the first quarter of 2015, as well as $846 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 2.6% (See Table 5). Operating cash flow increased 14.0% to $413 million compared to $362 million in the first six months of 2014.

Filmed Entertainment

For the second quarter of 2015, revenue from the Filmed Entertainment segment increased 92.7% to $2.3 billion, driven by higher theatrical revenue from the record performances of Furious 7 and Jurassic World. Operating cash flow increased $227 million to $422 million, reflecting higher revenue, partially offset by an increase in the amortization of film costs and higher advertising, marketing and promotion expense due to a larger film slate.

For the six months ended June 30, 2015, revenue from the Filmed Entertainment segment increased 46.9% to $3.7 billion compared to $2.5 billion in 2014. Operating cash flow increased 48.1% to $715 million compared to $483 million in the first six months of 2014.

Theme Parks

For the second quarter of 2015, revenue from the Theme Parks segment increased 25.7% to $773 million compared to $615 million in the second quarter of 2014, reflecting higher guest attendance and per capita spending, driven by the continued success of Orlando’s The Wizarding World of Harry Potter™ – Diagon Alley™. Second quarter operating cash flow increased 44.9% to $354 million compared to $244 million in the same period last year, reflecting higher revenue, partially offset by an increase in operating costs to support the new attractions.

For the six months ended June 30, 2015, revenue from the Theme Parks segment increased 29.2% to $1.4 billion compared to $1.1 billion in 2014. Operating cash flow increased 48.9% to $617 million compared to $414 million in the first six months of 2014.

For earnings history and earnings-related data on Comcast (CMCSA) click here.

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