Comcast 1Q earns surge on upbeat NBC results

Published on NewsOK Modified: April 22, 2014 at 5:36 pm •  Published: April 22, 2014
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PHILADELPHIA (AP) — Comcast Corp. said Tuesday that its first-quarter net income rose by 30 percent as ad revenue surged at broadcast network NBC, helped by the Winter Olympics in Sochi and Jimmy Fallon's elevation as host of "The Tonight Show."

The results beat Wall Street estimates and its shares edged up in morning trading.

Comcast is the largest cable company in the country with 22 million video customers and 21.1 million Internet customers. It is in the midst of an expected yearlong review of its $45 billion acquisition of No. 2 rival Time Warner Cable Inc.

In the company's conference call with investors, Comcast CEO Brian Roberts called the proposed deal an "exciting and unique opportunity."

"We remain confident that the combination will strengthen a world class organization that will benefit customers, employees and shareholders," Roberts said.

Regulators are examining whether the combination would give it undue pricing power over customers and too much leverage with programmers.

Its net income in the quarter through March rose to $1.87 billion, or 71 cents per share, from $1.44 billion, or 54 cents per share a year ago.

Excluding one-time items, adjusted earnings came to 68 cents per share, beating the 64 cents expected by analysts polled by FactSet.

Revenue grew 14 percent to $17.41 billion from $15.31 billion. That's also higher than the $16.99 billion expected by analysts.

NBCUniversal revenue grew 29 percent to $6.88 billion while cable services revenue grew 5 percent to $10.76 billion.