Comcast Q4: Internet gains offset video losses

Comcast Corporation has reported results for the quarter and year ended December 31st 2017. The media and cable beat analyst expectations, and grew its customer base in high-speed Internet and business services, offsetting lost customers in video services.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “I am exceptionally proud of our performance this past year, and we enter 2018 with significant momentum. In 2017, we achieved strong financial and operational results while also delivering new innovations, experiences and must-see content to people around the world. At Cable, our best-in-class products and continued focus on the customer experience drove healthy EBITDA growth balanced with strong customer relationship net additions. At NBCUniversal, our Film business achieved record profitability, our Theme Parks delivered record attendance, and our TV business produced strong results – demonstrating the power of our sports, news and entertainment content. We are excited to have the Super Bowl on NBC, followed by the 2018 Winter Olympic Games in PyeongChang. The Olympics highlight our strengths and capabilities across Comcast NBCUniversal, as we combine the storytelling of NBC with Comcast technology to create a truly spectacular viewing experience. Overall, we feel great about our company and our positioning as we head into the year. Our confidence in the business enables us to announce, with the support of our Board, a 21 per cent increase in our dividend, which is our 10th consecutive annual increase. We also expect to repurchase at least $5 billion of our stock in 2018.”

Broadcast Television

Broadcast Television revenue increased 4.1 per cent to $3 billion in the fourth quarter of 2017, reflecting increased distribution and other and content licensing revenue, partially offset by lower advertising revenue. Distribution and other revenue increased 44.7 per cent, due to higher retransmission consent fees. Content licensing revenue increased 19 per cent, reflecting the timing of content provided under licensing agreements. Advertising revenue decreased 6.5 per cent, due to audience ratings declines, partially offset by higher rates. Adjusted EBITDA decreased 26.3 per cent to $194 million in the fourth quarter of 2017, reflecting increased programming and production costs, driven by increased sports costs, partially offset by higher revenue.

4th Quarter 2017 Highlights:

• Consolidated Revenue Increased 4.2 per cent; Net Income Attributable to Comcast Increased by $12.7 billion to $15 billion; Adjusted EBITDA of $6.8 billion was Consistent with the Prior Year
• Cable Communications Revenue Increased 3.4 per cent; Adjusted EBITDA Increased 4.2 per cent
• Customer Relationships Increased by 243,000; High-Speed Internet Customer Net Additions were 350,000; Video Customer Net Losses were 33,000
• NBCUniversal Revenue Increased 3.9 per cent; Adjusted EBITDA Increased 6.4 per cent