Comcast Beats Q1 Expectations, Shares Rise

Shares of

surged over 2 percent in pre-market trading after the company reported stronger-than-expected results for the first quarter on Monday. The Philadelphia, Pennsylvania-based company posted quarterly net income of $2.1 billion, or $0.81 per share, compared to $1.9 billion, or $0.71 per share, in the year-ago quarter. Excluding items, its adjusted earnings climbed to $0.79 per share from $0.68 per share. Its revenue climbed 2.6 percent to $17.9 billion. However, analysts were expecting earnings of $0.74 per share on revenue of $17.4 billion. The company lost 8,000 video subscribers in the quarter, versus 24,000 additions in the year-ago quarter. The company's high-speed internet customers increased 6.2 percent to 407,000. The company added 77,000 voice subscribers, versus 142,000 additions, a year ago Revenue for Cable Communications rose 6.3 percent to $11.4 billion, while customer relationships rose 199,000 to 27.2 million in the first quarter. Revenue at NBC Universal slipped fell 4 percent to $6.6 billion, while revenue from the Theme Parks segment gained 34 percent to $651 million in the latest quarter. Revenue at the Filmed Entertainment segment climbed 7 percent year-over-year to $1.45 billion. Capital expenditures rose 19.2 percent to $1.7 billion in the first quarter. During the first quarter, Comcast repurchased 35.1 million of its common shares for $2.0 billion. The company also increased its buy back by $2.5 billion shares. Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We are off to a great start in 2015, with 7.6% operating cash flow growth and record quarterly free cash flow. Cable had a terrific quarter, once again reflecting strong results in high-speed Internet and business services. We have made progress in transforming the customer experience while delivering improved products and innovations faster than ever before." Comcast shares rose 2.72 percent to $60.00 in pre-market trading.