Comcast Corp. (NASDAQ: CMCSA) reported fourth-quarter and full-year 2013 results before markets opened Tuesday. For the quarter, the cable operator posted adjusted diluted earnings per share (EPS) of $0.72 on revenues of $16.93 billion. In the same period a year ago, the company reported EPS of $0.56 on revenues of $15.94 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.68 and $16.63 billion in revenues. Reported fourth-quarter EPS includes a gain of $0.06 related to a favorable tax adjustment.

For the full year, Comcast posted revenues of $64.66 billion and EPS of $2.56, compared with consensus estimates calling for revenues of $64.35 billion and EPS of $2.50.

Comcast also said this morning that it will boost its dividend by 15% to an annual total of $0.90 and that the company has increased its stock repurchase program to $7.5 billion, of which Comcast expects to spend $3 billion in 2014. The company said it paid dividends of $510 million in 2013 and repurchased $500 million in shares.

Comcast did not offer any guidance in its earnings release, but the consensus estimates call for first-quarter 2014 EPS of $0.64 on revenue of $16.74 billion. The current full-year 2014 estimate calls for EPS of $2.87 on revenue of $68.5 billion.

The company has also reportedly reached an agreement with Charter Communications Inc. (NASDAQ: CHTR) to acquire certain assets of Time Warner Cable Inc. (NYSE: TWC), if Charter succeeds in acquiring the larger cable operator.

Revenue in the Comcast’s cable communications division rose 5.2% year-over-year, led by gains of 25.3% in business services and 8.7% in high-speed Internet. Higher rates, customers choosing higher levels of service, and customer growth were once again the drivers of the increase.

Comcast lost 305,000 cable video customers in 2013 and picked up 1.3 million high-speed Internet subscribers and 768,000 new voice customers. Combined the company claims 53.08 million subscribers at the end of December, up from 51.32 million a year ago. In the fourth quarter Comcast added 649,000 net new customers to its rolls, up from 503,000 in the fourth quarter a year ago.

This report from Comcast really does no more than meet consensus expectations. That is the reason for the dividend hike and buyback increase. The company should be doing better than that. Its NBCUniversal division posted a quarterly revenue gain of 7.5% and a full-year jump of 5.7%, excluding 2012’s Super Bowl and Olympics.

Comcast shares were up about 2.9% in premarket trading Tuesday, at $54.00 in a 52-week range of $37.81 to $54.65. The consensus target price for the shares was around $57.30 before this report.

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