Tue, Feb. 24, 12:25 PM
- Comcast (NASDAQ:CMCSA) is "optimistic" it will close its $45B acquisition of Time Warner Cable (NYSE:TWC) in "early 2015," and CEO Brian Roberts' comment on today's earnings conference call that there's "lots of information-gathering" between Comcast and regulators is likely an understatement.
- Roberts hopes that as soon as the FCC handles this week's vote on re-regulation (a stance he calls "antiquated"), the commission can turn its attention to the TWC transaction.
- As part of its Cable Communications revenue (up 6.1% to $11.3B), Comcast noted a 9.9% increase in revenue from high-speed Internet (to $2.9B), which outpaced Video (up 1.3% to $5.19B).
- And while NBCUniversal revenues were up 2.3%, that was mitigated by a revenue slip in filmed entertainment -- down 10.6% to $1.3B -- as home entertainment revenue slipped. Theme parks carried the day for this division, up 30% to $735M.
- The company dropped some hints about how it might move into WiFi-fueled services, like Cablevision (NYSE:CVC) has, and has deployed about 8.3M hotspots, in-home and outdoors: “We do believe in the asset and [are] working on ways on bringing it to market in the coming months," says Cable CEO Neil Smit, noting it might even evolve into a new business. Comcast has MVNO relationships with Sprint and Verizon.
- Currently, CMCSA up 1.7%.
- Q4 earnings
- Previously: Comcast beats on revenue as cable sales grow 6% (Feb. 24 2015)
Tue, Feb. 24, 8:30 AM
- Comcast (NASDAQ:CMCSA) has turned higher premarket, +0.1%, after posting Q4 earnings that increased 16.7% (after adjustments) but slightly missed expectations.
- EBITDA of $5.976B came in slightly higher than the $5.95B expected.
- Segment revenues: Cable communications, $11.31B (up 6.1%); NBCUniversal, $6.6B (up 2.3%).
- Customer relationships were up by 178K (up 47% Y/Y). For the full year, customer relationships increased by 358K (up 67% Y/Y).
- The company is hiking its dividend 11% and will provide exact guidance on buybacks after closing the TWC merger, though it expects to repurchase at least $4.25B.
- Conference call at 8:30 a.m. ET.
- Press release
Tue, Feb. 24, 7:03 AM
Mon, Feb. 23, 5:30 PM
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Thu, Jan. 29, 9:20 AM
- On Time Warner Cable's (NYSE:TWC) earnings conference call, the company waved off persistent attempts to get a hint of 2015 guidance due to the Comcast (NASDAQ:CMCSA) deal. Capex of $4.1B in 2014 (up 28%) comprised "accelerated investment in TWC Maxx, improved customer experience and network expansion."
- Revenue growth was offset in part by increasing operating expenses of 2.8%, including increases in programming costs (up 4.7%), sales and marketing (business) costs, and technical operations (residential) costs.
- Q4 Free cash flow of $891M, up 15% Y/Y; full-year free cash flow of $2.35B is down about 10%.
- Previously: TWC misses expectations as video subs continue exodus (Jan. 29 2015)
- Previously: Time Warner Cable misses by $0.06, misses on revenue (Jan. 29 2015)
Thu, Jan. 29, 8:52 AM
- Time Warner Cable's (NYSE:TWC) earnings miss today comes as it continued to bleed off residential video customers, while business services revenues and ad revenues made up highlights of its revenue growth. Operating income up 4.5%.
- Subscriber breakdowns: Residential video customers net loss of 38K; Residential high-speed data net adds of 168K; residential voice net adds of 295K; residential triple play net adds of 273K. Total customer relationship net adds of 67K.
- Residential services revenue up on increased high-speed data revenue, offset by declines in video and voice.
- Business services revenue up mainly on high-speed data and voice customers as well as cell tower backhaul.
- No full-year guidance offered, given where TWC is with the ongoing Comcast (NASDAQ:CMCSA) buyout.
- Q4 results
- Press release
Oct. 23, 2014, 7:02 AM
Oct. 22, 2014, 5:30 PM
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Jul. 22, 2014, 10:07 AM
- Comcast (CMCSA +1.6%) lost 144K video subs in Q2, lowering its total base to 22.5M. Broadband subs grew by 203K to 21.3M, and voice subs by 137K to 11M.
- Total "customer relationships" were flat Q/Q at 26.8M. Triple product customers make up 36% of the base vs. 34% a year ago.
- Cable division data: Video revenue +1.2% Y/Y to $5.2B, broadband +9.7% to $2.8B, voice +1.3% to $922M, business services +22.4% to $965M, ads +7.5% to $599M, "other" +3.9% to $485M. Op. cash flow margin was steady at 41.4%.
- NBCUniversal revenue +0.3% to $6B, but op. cash flow rose 20.4% to $1.4B. Segment data: Cable networks +2.6% to $2.5B, broadcast TV +4.9% to $1.8B, filmed entertainment -15.3% to $1.2B, theme parks +12.8% to $615M.
- Comcast spent $750M on buybacks. Its total free cash flow fell 40.7% Y/Y to $1.16B, due largely to higher working capital needs (film/TV production spend) and a 19.4% increase in capex to $1.8B.
- Q2 results, PR
Jul. 22, 2014, 7:04 AM
Jul. 21, 2014, 5:30 PM
Apr. 22, 2014, 7:11 AM
- Comcast (CMCSA) beats estimates in Q1, paced by strong gains at NBCUniversal.
- Revenue at NBCUniversal rose 29% Y/Y as the business benefited by the broadcast of the Sochi Olympics across NBC-affiliated networks. Double-digit growth was also delivered with Comcast's Cable Networks and Filmed Entertainment segments.
- Revenue at the company's theme parks was up 5.4% to $487M during the period.
- CMCSA +1.2% premarket
Apr. 22, 2014, 7:02 AM
Apr. 22, 2014, 12:05 AM
Apr. 21, 2014, 5:30 PM
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