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Comcast reports “excellent” Q4; increases dividend

January 25, 2024

Comcast has reported results for the quarter ended December 31st 2023. Q4 revenues were up 2.3 per cent to $31.25 billion (€28.7bn), beating estimates, whilst Peacock maintained its status as the fastest growing streaming service in the US.

“We capped off 2023 and the fourth quarter with excellent operational and financial performance,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “For the third consecutive year, we generated the highest Revenue, Adjusted EBITDA and Adjusted EPS in our company’s history. At the same time, we invested in future growth, returned $16 billion to shareholders and maintained a healthy balance sheet. We drove strong revenue and Adjusted EBITDA growth in our Connectivity & Platforms businesses and continued to expand and upgrade our network to fuel broadband. We also reported the highest Adjusted EBITDA on record at Theme Parks; were the #1 studio in worldwide box office for the first time since 2015; and maintained Peacock’s position as the fastest growing streamer in the US. 2024 is already off to a great start – I couldn’t be more proud of how our company came together to deliver a record-breaking NFL Wild Card game on Peacock and the nation’s biggest night on the Internet ever. Our unique and complementary capabilities will enable us to capitalise on the many opportunities ahead, and the Board’s confidence in our future is reflected in today’s announcement that we are increasing our dividend for the 16th consecutive year.”

Q4 and Full Year 2023 Highlights:

• Consolidated Adjusted EBITDA in the Fourth Quarter Was Consistent With the Prior Year Period, Including Severance and Other, and Increased 3.2 per cent for the Full Year; Adjusted EPS in the Fourth Quarter Increased 2.4 per cent to $0.84 and Increased 9.3 per cent to $3.98 for the Full Year; Generated Free Cash Flow of $1.7 Billion in the Fourth Quarter and $13 Billion for the Full Year

• Returned $4.7 Billion to Shareholders in the Fourth Quarter Through a Combination of $1.2 Billion in Dividend Payments and $3.5 Billion in Share Repurchases. Total Return of Capital to Shareholders for the Full Year was $15.8 Billion

• Increased Dividend by $0.08, or 6.9 per cent Year-over-Year, to $1.24 per Share on an Annualised Basis for 2024, the 16th Consecutive Annual Increase; Increased Share Repurchase Authorisation to $15 Billion

• Continued the Successful Execution of Our Domestic Network Expansion and Upgrade Strategy; Increased Homes and Businesses Passed in 2023 by 1.1 Million to 62.5 Million; Expanded Deployment of Mid-Split Technology to 35 per cent of Company Footprint at Year-End; and Began Rolling-Out Multi-Gigabit Symmetrical Speeds Starting in Select Markets in the Fourth Quarter

• Domestic Broadband Average Rate Per Customer Increased 3.9 per cent and Drove Domestic Broadband Revenue Growth of 3.7 per cent in the Fourth Quarter and 4.2 per cent for the Full Year

• Domestic Wireless Customer Line Net Additions Were 310,000 in the Fourth Quarter and 1.3 Million for the Full Year; Lines Increased 24 per cent Compared to the Prior Year Period Reaching 6.6 Million

• Peacock Paid Subscribers Increased Nearly 50 per cent Compared to the Prior Year Period to 31 Million, Including Net Additions of 3 Million in the Fourth Quarter. Peacock Revenue in the Fourth Quarter Increased 57 per cent, Surpassing $1 Billion in Quarterly Revenue for the First Time; Adjusted EBITDA in the Fourth Quarter Improved Compared to the Prior Year Period

•  Total Customer Relationships for Connectivity & Platforms (which includes Sky in thr UK, Italy and Germany) decreased by 183,000 to 52.1 million, reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 34,000, total domestic wireless line net additions were 310,000 and total domestic video customer net losses were 389,000

• Studios Ranked #1 in Worldwide Box Office for the Full Year, Including 3 of the Top 5 Films: Super Mario Bros Movie, Oppenheimer and Fast X

• Theme Parks Generated Its Highest Adjusted EBITDA on Record for a Fourth Quarter and a Full Year. Adjusted EBITDA Increased 11.6 per cent to $872 Million in the Fourth Quarter and 24.7 per cent to $3.3 Billion for the Full Year

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