Comcast Corp. (NASDAQ: CMCSA), a provider of entertainment, information and communications products and services, today, reported a 30% increase in first-quarter profit. CMCSA’s first-quarter profit also beat Street estimates.
CMCSA’s net income for the first quarter rose to $1.22 billion, or $0.45 per share in the first quarter of 2012, from $943 million, or $0.34 per share reported for the same period last year. Analysts, surveyed by FactSet, on average, were expecting the Philadelphia-based company to report earnings of $0.42 per share for the first quarter.
Revenue for the first quarter was $14.9 billion, up 9.6% over the same period last year. Analysts were expecting the cable company to report revenue of $14.4 billion for the first quarter.
Comcast completed the acquisition of a majority stage in NBC Universal at the end of January last year. NBC Universal accounts for a third of CMCSA’s revenue. During the first quarter of 2012, revenue growth at NBC Universal was 18%.
During the first quarter, Comcast added 439,000 Internet subscribers, the best quarterly result in four years.
Commenting on the first-quarter results, Brian L. Roberts, Chairman and CEO of Comcast, said that the company is off to a great start in 2012, with strong revenue and cash flow growth and record quarterly free cash flow. Roberts said that cable’s results show real momentum in High-Speed Internet and Business Services and continuing improvements in Video Results and Voice Services. He added that as the company continues to drive innovation and bring the XFINITY brand to life, it is delivering more and better products and transforming the customer experience.
Roberts also said that he is pleased with the performance of NBC Universal, which posted strong revenue growth, led by the Super Bowl and successful film releases.
Comcast shares fell marginally in trading today. The stock ended the day 0.60% lower at $30.42.
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