Comcast delivers in Q4; pockets $12.7bn tax break
January 24, 2018
Comcast kept the profits flowing in Q4 with total revenue up 4 per cent to $21.9 billion (€17.7bn) and NBCUniversal showing gains in both the cable and broadcast TV.
Adjusted earnings before interest, taxes, depreciation and amortisation was flat with the year-earlier period at $6.8B. NBCU revenue for the quarter ending December 31st was up 3.9 per cent to $8.8 billion. Adjusted earnings before interest, taxes, depreciation and amortisation increased 6.4 per cent to $1.88 billion.
Comcast added 350,000 high-speed Internet customers in the quarter, while shedding 33,000 video customers.
The company reported a one-time gain of $12.7 billion in the period due to a reduction in tax liabilities as a result of the new federal tax law enacted in December.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “I am exceptionally proud of our performance this past year, and we enter 2018 with significant momentum. In 2017, we achieved strong financial and operational results while also delivering new innovations, experiences and must-see content to people around the world. At Cable, our best-in-class products and continued focus on the customer experience drove healthy EBITDA growth balanced with strong customer relationship net additions. At NBCUniversal, our Film business achieved record profitability, our Theme Parks delivered record attendance, and our TV business produced strong results – demonstrating the power of our sports, news and entertainment content. We are excited to have the Super Bowl on NBC, followed by the 2018 Winter Olympic Games in PyeongChang. The Olympics highlight our strengths and capabilities across Comcast NBCUniversal, as we combine the storytelling of NBC with Comcast technology to create a truly spectacular viewing experience. Overall, we feel great about our company and our positioning as we head into the year. Our confidence in the business enables us to announce, with the support of our Board, a 21 per cent increase in our dividend, which is our 10th consecutive annual increase. We also expect to repurchase at least $5 billion of our stock in 2018.”