Comcast Corp. (NASDAQ: CMCSA) reported second-quarter adjusted earnings per share (EPS) of $0.50 and $15.2 billion in revenue before markets opened this morning. The EPS compares to $0.42 in the year-ago period, and revenue grew from last year’s second quarter total by 6.1%. The results compare to the Thomson Reuters consensus estimates for EPS of $0.48 and $15.2 billion in revenue.
On a pro forma basis, Comcast’s revenue including NBCUniversal grew 3.5% year-over-year.
The cable TV operator did not offer any additional guidance. The current consensus estimate for the third quarter calls for EPS of $0.45 on revenue of $15.9 billion. For the full fiscal year, the consensus estimate calls for EPS of $1.89 and revenue of $61.78 billion.
The company’s chairman and CEO had this to say:
Our solid operating and financial results for the second quarter underscore the strength of our cable company and our focus on driving operational excellence and technology innovations. We are improving the customer experience and delivering exceptional products, which are the foundation for cable’s continued momentum in High-Speed Internet and Business Services and stronger Video and Voice customer results. … Comcast Cable and NBCUniversal are also working well together to launch innovative products and experiences.
The big opportunity is in Internet distribution of content. The cable guys believe that Internet TV will eventually kill broadcast TV and the “innovative products” that Comcast’s CEO refers to are related to programming like NBC’s Olympics coverage: a cable sports network carries live coverage; a website available to subscribers of the cable network has video of all the events; and network TV gets a highlights show. Different levels of engagement for different viewers at different price points.
Shares are up more than 1% in premarket trading at $33.00. The current 52-week range is $19.19 to $32.78. Thomson Reuters had a consensus analyst price target of $34.92 before today’s results were announced.
Paul Ausick
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