Earnings: Comcast Revs Up 14 Percent; Full-Year Forecast Maintained
This story was written by Joseph Weisenthal.
Cable operator Comcast (NSDQ: CMCSA) announced Q1 revenue of $8.38 billion, a 14 percent year-over-year increase from $7.38 million. Adjusted net income, which excludes certain gains from the dissolution of cable partnerships, was up 10 percent to $588 million ($.19 per share) from $537 million ($.17 per share). This income figure was basically right in line with expectations, and the revenue was actually a bit ahead. Some highlights:
-- Video revenue rose by about 4.7 percent to $4.7 billion, with basic subs declining while digital subs continued to grow.
-- Internet revenue was up by 11 percent, solid, but a deceleration from 14 percent last quarter.
-- Outlook: For the year, the company is sticking by the forecast made last quarter of minimum 20 percent free cash flow growth for 2008. The top-line estimate of 8 to 10 percent remains the same as well.
By Joseph Weisenthal