Comcast: Sky revenue up 28% in Q2
July 29, 2021
Comcast Corporation has reported results for the quarter ended June 30th 2021.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast, commented: “We delivered excellent results in the quarter, continuing our great start to the year. At Cable, our performance was exceptional, highlighted by 11 per cent revenue and 15 per cent Adjusted EBITDA growth, the best broadband and total customer relationship net additions on record for a second quarter, and the most wireless net additions since the launch of Xfinity Mobile in 2017.
“At NBCUniversal, Adjusted EBITDA increased an impressive 13 per cent, fuelled by the recovery at Theme Parks, particularly at Universal Orlando. And I am pleased with and encouraged by our customer and financial metrics in the UK, which drove Sky’s double-digit total revenue growth in the quarter. We remain committed to innovating for our customers and investing for a strong future. I have great confidence in our strategy and our ability to execute, which is reflected in our decision to restart our share repurchase program during the quarter, earlier than previously planned,” he added.
2nd Quarter 2021 Highlights:
- Consolidated Adjusted EBITDA Increased 12.6 per cent to $8.9 Billion; Adjusted EPS Increased 21.7 per cent to $0.84; Generated Free Cash Flow of $4.8 Billion
- Resumed Share Repurchase Program in May, Earlier Than Previously Planned; Returned $1.7 Billion to Shareholders During the Quarter Through a Combination of Share Repurchases and Dividend Payments
- Cable Communications Total Customer Relationship Net Additions Were 294,000, the Best Second Quarter Result on Record; Total Broadband Customer Net Additions Were 354,000, the Best Second Quarter Result on Record
- Cable Communications Adjusted EBITDA Increased 14.5 per cent and Adjusted EBITDA per Customer Relationship Increased 8.9 per cent
- Cable Communications Wireless Customer Line Net Additions Were 280,000, the Best Quarterly Result on Record
- NBCUniversal Adjusted EBITDA Increased 12.5 per cent to $1.6 billion, Including Peacock Losses
- Theme Parks Delivered Its First Profitable Quarter Since the First Quarter of 2020, Driven by Universal Orlando
- Sky Revenue Increased 28 per cent to $5.2 billion; On a Constant Currency Basis, Revenue Increased 14.9 per cent
Consolidated Financial Results
Revenue for the second quarter of 2021 increased 20.4 per cent to $28.5 billion. Net Income Attributable to Comcast increased 25.1 per cent to $3.7 billion. Adjusted Net Income increased 24.3 per cent to $3.9 billion. Adjusted EBITDA increased 12.6 per cent to $8.9 billion.