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Fri, Feb. 5, 1:57 PM
- Level 3 Communications (NYSE:LVLT) is pulling back a bit, down 3.5%, after a strong 6.9% gain yesterday post-earnings.
- Stephens upgraded the firm to Overweight from Equal Weight and raised its price target from $52 to $63, implying 30% upside from its current price of $48.29.
- Valuation is improved after a recent sell-off (Level 3 has declined 10% over the past month), says Stephens' Barry McCarver, who notes revenue growth is picking up after the company achieved its synergy target from integrating TW Telecom.
- “EMEA and Latin America should continue to improve as the company invests in its network and has opportunities for more acquisitions," McCarver notes. "Headwinds from International revenue have neutralized and may become tailwinds this year.”
- The company guided to significantly higher cash flow in the coming year, and some analysts think that could mean not only a possible repurchase program but also acquisitions.
- The company could go after privately held XO Communications, says Cowen's Colby Synesael, or it could be a target itself -- for a buyer like Comcast (NASDAQ:CMCSA).
- Previously: Level 3 up 7% as revenues, profits grow (Feb. 04 2016)
- Previously: Level 3 EPS in-line, misses on revenue (Feb. 04 2016)
Wed, Feb. 3, 12:45 PM
- On Comcast's (NASDAQ:CMCSA) Q4 earnings call, the company made its next step into telecom service by confirming it will file as a bidder in the FCC's wireless spectrum auction.
- They're only going to act against AT&T, Verizon and T-Mobile "if the price is right" after they evaluate what ends up available.
- Shares are up 4.1% now and are touching their highest point in over a month.
- The company confirmed it paid $130M for 475 acres "adjacent to an existing theme park" -- likely a chunk of land alongside Universal Orlando, which has been pinched for space, and which could provide room for multiple parks, hotels and studio operations.
- Outside of any spectrum spending, Comcast has added $5B to its buyback program -- on the low side of expectations, but CFO Mike Cavanagh said it wouldn't go lower due to auction outlays.
- It also increased its dividend 10% to $1.10 (annualized).
- Previously: Comcast results close to estimates, video and high-speed adds strong (Feb. 03 2016)
- Previously: Comcast declares $0.275 dividend (Feb. 03 2016)
- Previously: Comcast misses by $0.01, beats on revenue (Feb. 03 2016)
Wed, Feb. 3, 7:37 AM
- Comcast (NASDAQ:CMCSA) is pointing higher in premarket action after delivering largely in-line Q4 results.
- Operating income rose 5.7% Y/Y to $3.787B.
- Cable Communications revenue was up 5.9% to $11.31B. Cable rev growth breakdown: Video +4.4% to $5.19B; High-speed Internet +9.8% to $2.9B; Voice -1.7% to $916M; Business Services +18.9% to $1.1B; Advertising -9.3% to $703M; Other +6.4% to $537M.
- NBCUniversal revenue rose 13%, led by a 26% jump with the Filmed Entertainment segment off of strong home entertainment performances for Minions and Jurassic World. Cable networks revenue was up 3.4% to $2.327B.
- Overall customer relationships increased 281K, up 58% Y/Y to 27.7M, with high-speed Internet adds of 460K the best mark for the quarter in nine years. Video customer net adds of 89K were also tallied.
- Capex spending was up 19% to $2.6B during the quarter.
- Previously: Comcast misses by $0.01, beats on revenue (Feb. 03 2016)
- CMCSA +0.53% premarket to $54.88.
Wed, Feb. 3, 7:05 AM
Tue, Feb. 2, 5:30 PM
Oct. 27, 2015, 7:17 PM
- Following its in-line Q3 earnings report, Comcast (CMCSA -1%) confirmed its intention to test wireless services as part of a spectrum deal it entered with Verizon years ago.
- Commercial launch isn't close, though, and the company isn't showing interest in making an acquisition in the wireless space: "We've always felt (wireless is) part of a product set," says CEO Brian Roberts. "I don't think we feel that we have to necessarily in any way seek owner's economics."
- But it is evaluating whether to enter the bidding in the FCC's broadcast incentive spectrum auction.
- "It takes about six months to activate the MVNO," CEO Brian Roberts said. "We're going to trial some things and test some things after we activate. We'll update people as that progresses."
- Comcast last week triggered part of a 2012 deal where a cable consortium sold airwaves to Verizon with a right to resell Verizon service later. The company is said to be planning a hybrid cellular/Wi-Fi service along the lines of Google's Project Fi.
- Related: Comcast's (NASDAQ:CMCSA) CEO Brian Roberts on Q3 2015 Results - Earnings Call Transcript (Oct. 27 2015)
Oct. 27, 2015, 9:43 AM
- Comcast (NASDAQ:CMCSA) is off slightly, -0.6%, along with the broader market after Q3 results where yet again profits were in line and the company beat on revenue that grew 11%.
- Profits fell 19.2% Y/Y overall. Revenues were boosted by strong results on the content side, with Universal films contributing and theme parks, cable networks and NBC TV all adding strong gains.
- Cable Communications revenue of $11.74B (up 6.3%) by segment: Video, $5.35B (up 3.3%); High-speed Internet, $3.13B (up 10.2%); Voice, $900M (down 1.4%); Business Services, $1.2B (up 19.5%); Advertising, $593M (down 0.2%); Other, $562M (up 11.8%).
- At NBCUniversal, revenues of $7.15B (up 20.8%) by segment: Cable networks, $2.4B (up 7%); broadcast television, $1.97B (up 11.3%); filmed entertainment, $1.95B (up 64%); theme parks, $896M (up 14.1%).
- Net video subs fell by 48,000 (that is the company's best Q3 result in that area for nine years) and high-speed Internet customers gained by 320,000 (best Q3 there in six years). Voice customers grew by 17,000.
- Overall customer relationships were up 156K to 27.4M, driven by two-product bundlers (single-product customers up 24,000; double-product up 130,000; triple-play up 1,000).
Oct. 27, 2015, 7:05 AM
- Comcast (NASDAQ:CMCSA): Q3 EPS of $0.80 in-line.
- Revenue of $18.67B (+11.2% Y/Y) beats by $650M.
Oct. 26, 2015, 5:30 PM
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Jul. 23, 2015, 3:03 PM
- Comcast (NASDAQ:CMCSA) has fallen 2.8% in the wake of this morning's second-quarter earnings release.
- On an earnings call, execs said the company is ramping up deployment of its X1 platform, deploying 30K set-top boxes each day and "pushing to be even faster."
- "We continue to believe X1 is an absolute game changer, better connecting our customers to content serving as a platform for so much more," said CEO Brian Roberts, noting that VOD usage is up and churn is down as the deployments proceed.
- Comcast added customer relationships on a net basis (+31,000) in what is traditionally a weak quarter in that area, and Cable CEO Neil Smit pointed to lower churn and gave some credit to customer service improvements: "The percent of the customers who are calling and speaking to agents is down 15%. ... So our waiting times are down and we're getting it right."
- Smit confirmed the company would be doing a market trial of DOCSIS 3.1 in Q4. The technology has the blue-sky capability to deliver 10 Gbps downstream and 1 Gbps up, though those speeds are a good ways off.
- Citigroup's Jason Bazinet tempered his reaction: "While video net losses beat, broadband net adds were a touch light” and “NBCU, while solid, saw mixed results ... In all we expect a muted reaction to the quarterly results.”
- Previously: Comcast -0.9% premarket after in-line Q2 boosted by entertainment (Jul. 23 2015)
- Previously: Comcast at INTX: $300M investment in customer service (May. 05 2015)
Jul. 23, 2015, 9:06 AM
- Comcast (NASDAQ:CMCSA) is off 0.9% premarket after Q2 profits were in line and revenue picked up as the company cut its video subscriber losses even as some other areas slowed down.
- For the first time, the company has more broadband subscribers than video subscribers. On the media side, a monster hit in Jurassic World added to profits.
- Net income of $2.14B rose 7.3% Y/Y on revenue growth of more than 11%.
- Cable Communications revenue of $11.73B by segment: Video, $5.4B (up 3.7%); High-speed Internet, $3.1B (up 10%); Voice, $903M (down 2.1%); Business Services, $1.16B (up 20.4%); Advertising, $582M (down 0.9%); Other, $551M (up 10.9%).
- At NBCUniversal, revenues of $7.23B by segment: Cable networks, $2.45B (down 1%); broadcast television, $1.8B (down 0.2%); Filmed Entertainment, $2.27B (up 92.7%); Theme Parks, $773M (up 25.7%).
- Net video subscribers declined by 69,000 -- an improvement of 52% from last year's decline -- while high-speed Internet customers were a net positive 180,000 (down 11%) and voice customers a net +49,000. Overall, customer relationships were up 31,000 to a total of 27.3M, driven by bundle plays (single-product customers -56,000; two-product customers +46,000, three-product customers +42,000).
Jul. 23, 2015, 7:03 AM
- Comcast (NASDAQ:CMCSA): Q2 EPS of $0.84 in-line.
- Revenue of $18.74B (+11.3% Y/Y) beats by $600M.
Jul. 22, 2015, 5:30 PM
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Jun. 25, 2015, 10:15 PM
- Along with fiscal Q3 earnings, Canada's Shaw Communications (SJR +1%) revealed that in lieu of developing its own IPTV service, it's going to give a trial to X1 from Comcast (NASDAQ:CMCSA) -- a big win for the U.S. cable giant as it tries to scale the platform following an unsuccessful bid for Time Warner Cable.
- That would make Shaw the second big provider to express interest in licensing X1, as Cox Communications gives it a hard look for its own next-generation video offering. Cox has pulled off a lab trial and would next test with its employees.
- Shaw will write down $55M of IPTV assets after scrapping its own plan. Comcast's X1 platform uses a cloud-based interface for its set-top boxes and mobiles for viewing.
- Shaw lost 24,524 cable subscribers this quarter, to end with 1.88M, and also offers satellite TV to about 851K subs.
- Last year, Shaw's Canadian peer Cogeco (OTC:CGEAF) scrapped its IPTV plan when it encountered "performance issues," and instead partnered with TiVo.
- Previously: Shaw up 1.5% following Q3 earnings where revenue grew (Jun. 25 2015)
May 4, 2015, 9:33 PM
- Comcast (NASDAQ:CMCSA) finished the first quarter with just 6,000 more video subscribers than broadband subscribers, and on today's earnings call, Cable CEO Neil Smit confirmed that the numbers have flipped by now -- so Comcast is officially more broadband company than cableco.
- That's a regulatory risk further out, considering FCC regulation, but Comcast is looking pretty good for now, after a first-quarter earnings beat and 2.5% revenue growth.
- The company still makes more from video than broadband at the moment, but the margins are higher for broadband service, as content costs continue to pile up.
- CEO Brian Roberts says they're disappointed about the blow-up of the Time Warner Cable deal, "but really, really we've moved on," and his top priorities focus on execution around the company's existing assets, "service, organic growth."
- Theme Parks showed 33%-plus growth for NBCUniversal, and unit chief Steve Burke said to expect more investment there including "a very significant hotel build out in Orlando over the next five or so year."
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