Tuesday, February 14, 2012

Comcast Posts Strong Results, Increases Dividend and Share Repurchase Plan

Comcast reported solid cable customer metrics for Q4 2011 and good results from theme parks and NBCUniversal, leading the company to increase its dividend by 44% and adopt a new $6.5 billion share repurchase plan.

Including the integration of NBCUniversal, Comcast's revenue increased 54.7% in the fourth quarter of 2011 to $15.0 billion, while Operating Cash Flow increased 32.3% to $4.9 billion and Operating Income increased 45.0% to $2.9 billion.

"Last year was a very important year for our company. Cable continued to drive innovation, increase new product introductions and transform the customer experience, and we successfully integrated NBCUniversal. We also reported strong financial and operating results in both the fourth quarter and for the full year. Specifically, cable had another terrific quarter of improving customer metrics, demonstrating that our new XFINITY brand and our intensified focus on service and innovation are making a real difference. Our results at NBCUniversal underscore the strong performance of the cable networks and theme parks, and we continue to make progress enhancing the franchise values of its businesses," stated Brian L. Roberts, Chairman and Chief Executive Officer of Comcast.

Earnings per Share (EPS) for the fourth quarter of 2011 was $0.47, a 30.6% increase from the $0.36 reported in the fourth quarter of 2010. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 34.3% in the fourth quarter of 2011.

Cable revenue increased 4.7% to $9.5 billion compared to $9.1 billion in the fourth quarter of 2010. This increase was driven by a 10.1% increase in high-speed internet revenue and a 36.8% increase in business services revenue. Advertising revenue decreased 9.3%, reflecting lower political advertising in the fourth quarter of 2011.

Monthly average total revenue per video customer increased 7.1% to $141.24, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from business services.

Comcast added 336,000 High-Speed Internet customers in Q4 2011 and ended the year with 18,147,000 customers.

Cable capital expenditures decreased 12.4% to $1.3 billion, primarily reflecting lower spending on customer premise equipment. Cable capital expenditures equaled 13.9% of Cable revenue in the fourth quarter of 2011 compared to 16.6% in last year's fourth quarter.


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