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Comcast 2Q earnings top views on Internet hookups

Published on NewsOK Modified: July 22, 2014 at 12:46 pm •  Published: July 22, 2014
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PHILADELPHIA (AP) — Comcast's second-quarter net income rose 15 percent to nearly $2 billion as it added high-speed Internet customers at a faster pace and video subscriber losses moderated.

The nation's largest cable provider topped Wall Street estimates and shares edged up in afternoon trading.

The nation's largest cable provider said Tuesday that net income rose to $1.99 billion, or 76 cents per share, up from $1.73 billion, or 65 cents per share, a year ago.

Excluding a gain on its sale of a stake in set-top box maker Arris Group Inc. and other items, Comcast posted adjusted earnings of 75 cents per share, beating the 72 cents expected by analysts polled by FactSet.

Revenue grew nearly 4 percent to $16.84 billion, short of the $16.95 billion that analysts were looking for. Revenue a year ago was $16.27 billion.

Jefferies & Co. analyst Mike McCormack said the quarter was healthy as cable continued to perform well and NBC Universal grew more profitable.

Cable hookup revenue, up 5 percent at $11.03 billion, was slightly better than expected, but NBCUniversal revenue, flat at $6.02 billion, was less than analysts predicted.

Comcast Corp. is in the midst of a regulatory review of its proposed $45.2 billion acquisition of No. 2 cable company Time Warner Cable Inc. Comcast CEO Brian Roberts said in a call with analysts that the FCC began a 180-day review period on July 10, and the company expects to have a shareholder vote on the acquisition in the fall.

The company added a net 203,000 Internet customers since the last quarter, bringing the number to 21.3 million. That's 8 percent more than it added in the same period a year ago.

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