) reported mixed financial results for its first-quarter 2013.
The company's triple-play voice, video and data bundled offerings
are still attracting market traction. Recently, Comcast completed
the acquisition of the 49% stake remaining of NBC Universal from
General Electric Co.
First Quarter Results in Detail
GAAP net income for the first quarter of 2013 was $1,437
million or 54 cents per share compared with $1,224 million or 45
cents per share in the prior-year quarter. However, quarterly
adjusted earnings per share of 51 cents outpaced the Zacks
Consensus Estimate of 49 cents. Total revenue came in at $15,310
million in the reported quarter, up 2.9% year over year but fell
below the Zacks Consensus Estimate of $15,363 million.
Quarterly operating costs and expenses were $12,120 million,
up 1% year over year. However, quarterly operating income was
$3,067 million, representing an annualized growth of 11.2%.
Operating margin, in the reported quarter, was 20% compared with
18.5% in the prior-year quarter. During the first quarter,
Comcast repurchased 13.3 million of its common shares for a
consideration of $500million and paid dividends totaling $429
During the first quarter of 2013, Comcast generated $5,034
million in cash from operations compared with $4,688 million in
the year-ago quarter. Consolidated free cash flow in the reported
quarter was $3,138 million compared with $3,039 million in the
prior-year quarter. Cash and cash equivalents, at the end of the
reported quarter, were $4,680 million compared with $12,415
million at the end of 2012.
Total debt at the end of the last quarter was approximately
$47,226 million compared with $40,458 million at the end of 2012.
At the end of the first quarter of 2013, debt-to-capitalization
ratio was 0.50 compared with 0.43 at the end of 2012.
Cable Communications Segment
Quarterly total revenue was $10,217 million, up 6.4% year over
year. Operating cash flow was $4,219 million, up 6.7% year over
year. Within this segment, Video revenues were $5,113 million, up
3.7% year over year. High-Speed Internet revenues were $2,523
million, up 8.6% year over year. Voice revenues were $900
million, up 2.6% year over year.
Advertising revenues were $488 million, up 2.7% year over
year. Business Services revenues were $741 million, up 27.5% year
over year. Other revenues were $452 million, up 9.6% year over
As of Mar 31, 2013, Comcast had 19.799 million (up 6.6% year
over year) High-Speed Internet customers; 10.166 million (up 6.9%
year over year) Voice customers; and 21.935 million (down 1.6%
year over year) Video customers. In the reported quarter, Comcast
lost a net total of 60,000 video customers compared with a net
loss of 37,000 customers in the prior-year quarter.
The company added a net 433,000 High-Speed Internet customers
compared with 439,000 in the year-ago quarter. Similarly, Comcast
added a net total of 211,000 voice customers compared with
164,000 in the prior-year quarter. In the previous quarter,
monthly ARPU from video customers increased 8.1% to $155.05.
NBC Universal Segment
Quarterly total revenue was $5,340 million, down 2.4% year
over year. Operating cash flow was $859 million, signifying a
6.2% year-over-year increase. Within this segment, Cable Networks
revenues were $2,225 million, up 4.6% year over year. Broadcast
TV revenues were $1,517 million, down 18.5% year over year.
Filmed Entertainment revenues were $1,216 million, up 2% year
over year. Theme Parks revenues were $462 million, up 12.2% year
Other Stocks to Consider
Comcast currently has a Zacks Rank #3 (Hold). Other stocks
which are worth considering in this industry include
Liberty Interactive Corp.
Verizon Communications Inc.
). Both these stocks have a Zacks Rank #2 (Buy).
COMCAST CORP A (CMCSA): Free Stock Analysis
GENL ELECTRIC (GE): Free Stock Analysis
LIBERTY M INT-A (LINTA): Free Stock Analysis
VERIZON COMM (VZ): Free Stock Analysis Report
To read this article on Zacks.com click here.