Comcast Delivers Better Than Estimated 1Q Numbers

Comcast Corporation

delivered better earnings, as well as, revenue for the first quarter. The company's net income grew 3.9% to $2.24 billion from $2.14 billion in the same quarter last year. However, its earnings advanced 7.4% to $0.87 a share from $0.81 a share in the preceding year quarter. Excluding adjustments, earnings would have increased 6.3% to $0.84 a share from $0.79 a share in the year-ago quarter. This was $0.05 a share higher than the Street analysts' expectations. Similarly, the company's revenue grew 5.3% to $18.79 billion from $17.85 billion in the previous year quarter. Analysts' predicted $18.64 billion revenue. However, its free cash flow fell 11.9% to $2.8 billion in the first quarter reflecting growth in its operating cash flow though offset by higher working capital and capital expenditures. Comcast said that its Customer Relationships grew by 269,000 to 28.0 million representing a 36% improvement from the increase in the first quarter of 2015. That reflected growth in its double, as well as, triple product relationships. At the end of the first quarter, penetration of our double and triple product customers grew to 70% from 69% in the first quarter of 2015. The company said that its Video customer net additions of 53,000 were the best result for a March quarter in nine years. Similarly, its high-speed Internet customer net additions of 438,000 were the best result for a first quarter in four years while Voice customer net additions improved to 102,000. Commenting on the first quarter results, the company's Chairman and CEO, Brian Roberts, said that "I'm incredibly pleased with our first quarter results and the strength and momentum we are seeing across our businesses. Our performance at Comcast Cable was outstanding. We delivered our best first quarter Internet results in four years and our best first quarter video results in nine years – adding 53,000 video customers." He added further that "NBCUniversal also had a terrific quarter, reporting double-digit operating cash flow growth, fueled by strength in Broadcast, continued success at our Theme Parks, including Universal Studios Japan, and improved performance from our Cable Networks. Our teams are executing extremely well and I am excited about the opportunities ahead for Comcast NBCUniversal." Shares of the company traded 2.05% higher in the pre-market trading on Wednesday