Comcast: Sky sees best Q1 subs growth in 6 years
April 29, 2021
Comcast has reported results for the quarter ended March 31st 2021.
“We are off to a great start in 2021. Our entire company performed well across the board, highlighted by another strong performance from cable, which posted its third consecutive quarter of double-digit Adjusted EBITDA growth, while adding the most quarterly customer relationships in our company’s history. Outside of cable, I was also very pleased by the persistent recovery and increasing momentum at NBCUniversal and Sky. Our theme parks once again reached breakeven, excluding Universal Beijing Resort pre-opening costs; and – to the delight of our guests – we successfully re-opened Universal Studios Hollywood on April 16th. At Sky, customer relationship additions increased by 221,000, marking the best first quarter result in six years despite the lockdowns imposed throughout Europe. Across all parts of the company, our teams are executing at a high level and collaborating to drive growth and innovation, and I couldn’t be more excited about our future,” commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.
1st Quarter 2021 Highlights:
- Consolidated Adjusted EBITDA Increased 3.5 per cent; Adjusted EPS Increased 7 per cent to $0.76; Generated Free Cash Flow of $5.3 Billion
- Total Customer Relationships Across Cable Communications and Sky Increased 3.3 per cent Year-Over-Year to 56.9 Million, Including Net Additions of 602,000 in the Quarter
- Cable Communications Total Customer Relationship Net Additions Were 380,000, the Best First Quarter Result on Record; Total Broadband Customer Net Additions Were 461,000
- Cable Communications Adjusted EBITDA Increased 12.4 per cent and Adjusted EBITDA per Customer Relationship Increased 7.0 per cent
- Cable Communications’ Wireless Business Reached Breakeven for the First Time Since Launch in 2017; Total Customer Line Net Additions Were 278,000, the Best Quarterly Result on Record
- Marked the 10 Year Anniversary of Cable Communications’ Internet Essentials Program and Continued to Invest in Lift Zones, Comcast Rise, and Other Important Programs That Help Close the Digital Divide and Increase Equity in the Communities in Which We Serve
- Theme Parks Reached Breakeven for the Second Consecutive Quarter Excluding Universal Beijing Resort Pre-Opening Costs
- Peacock Has 42 Million Sign-Ups to Date Across the U.S., Benefiting from the Recent Addition of Exclusive Domestic Streaming Rights to WWE Network and The Office
- Sky Launched ‘Sky Connect’ to Provide Small Businesses in the U.K. with a Better Broadband Experience; Utilized Cable Communications’ Award-Winning Portfolio of Solutions and Services in the U.S.
- Amid Renewed Lock-Downs in Europe During the Quarter, Sky Total Customer Relationships Increased by 221,000 to 23.4 Million, the Best First Quarter Result in Six Years; Revenue Increased 10.6 per cent, or 2.0 per cent On a Constant Currency Basis, Led by Growth in Our U.K. Market
Consolidated Financial Results
Revenue for the first quarter of 2021 increased 2.2 per cent to $27.2 billion. Net Income Attributable to Comcast increased 55.1 per cent to $3.3 billion. Adjusted Net Income increased 8.1 per cent to $3.5 billion. Adjusted EBITDA increased 3.5 per cent to $8.4 billion.