Comcast Q3 Growth Aided by Customer Addons, NBCUniversal

By Benzinga
October 29, 2021 Updated: October 29, 2021

Comcast Corp. reported third-quarter FY21 revenue growth of 18.7% year-on-year to $30.3 billion, beating the consensus of $29.87 billion.

Revenue for Cable Communications rose 7.4 percent Y/Y to $16.12 billion, driven by increases in broadband, advertising, wireless, business services, video, and other revenue, partially offset by a decrease in voice revenue.

Customer Relationships increased by 255,000 to 34 million. Broadband customer net additions were 300,000. It added 285,000 wireless lines.

Revenue for NBCUniversal increased 57.9 percent Y/Y to $10 billion, Media increased 47.5 percent Y/Y to $6.8 billion, reflecting higher advertising revenue, Studios increased 26.8 percent Y/Y to $2.4 billion, primarily reflecting higher theatrical revenue.

Theme Parks’ revenue increased from $1.1 billion to $1.4 billion, reflecting improved operating conditions.

Revenue for Sky increased 4.1 percent Y/Y to $4.988 billion. Total Customer Relationships decreased by 233,000 to 23 million.

The EPS of $0.87 beat the consensus of $0.75.

Adjusted EBITDA margin of Cable Communications expanded 120 bps to 43.9 percent. Sky’s adjusted EBITDA margin expanded 880 bps to 19.5 percent.

Comcast generated $6.1 billion in operating cash flow and held $11.8 billion in cash and equivalents.

Comcast paid dividends totaling $1.2 billion and repurchased shares worth 25.9 million.

Cable Communications’ capital expenditures decreased 5.4 percent to $1.7 billion, NBCUniversal’s capital expenditures decreased 35.7 percent to $229 million, and Sky’s capital expenditures decreased 32.3 percent to $160 million.

Comcast shares traded lower by 1.03 percent at $51.9 on the last check Thursday.

By Anusuya Lahiri

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