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Wednesday, November 04, 2009
Comcast Net Rises 22.5%, Tops Estimates
By Matt Egan
FOXBusiness
Comcast (CMCSA), the nation’s largest cable provider, posted a 22.5% jump in third-quarter net income and a better-than-expected adjusted-profit on Wednesday but stayed quiet about a potential deal stake in NBC Universal.
Comcast earned $944 million, or 33 cents a share, compared to a profit of $771 million, or 26 cents a share, in the same period a year ago. Excluding one-time items, the company earned 28 cents a share, beating consensus estimates for EPS of 25 cents.
However, Comcast’s revenue rose 3% to $8.802 billion, narrowly missing the Street’s view of $8.850 billion.
Comcast, which owns the National Hockey League’s Philadelphia Flyers and the National Basketball Association's Philadelphia 76ers, lost 132,000 basic video subscribers but added 375,000 voice subscribers during the quarter.
“The strength and resilience of our businesses combined with our continued emphasis on expenses and prudent capital management helped us achieve healthy operating and financial results in the third quarter,” CEO Brian Roberts said in a statement.
During a conference call Comcast execs said little about the cable operator’s talks with General Electric (GE) over taking a majority stake in NBC Universal. However, the discussions are in the “home stretch” and an announcement is possible in the next week or two, Dow Jones Newswires reported.
Comcast said its average total revenue per video customer rose last quarter to $116.91 from $110.67 in the same period a year ago. It also said its advertising revenue slid 16%, or 10% excluding political spending, from a year ago.
Shares of Comcast were down 1.7% during afternoon trading at $14.27. The cable operator’s stock has significantly underperformed the markets year-to-date, sinking 14%.
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