Summary
Comcast Corporation's third-quarter 2009 report (filed November 3, 2009) shows continued revenue growth driven by its core Cable segment, which benefited from strong performance in high-speed Internet and phone services. While video revenue saw a slight increase due to rate adjustments and digital upgrades, the company experienced a net decline in video subscribers, a trend attributed to increased competition and economic weakness. Overall consolidated revenue for the first nine months of 2009 increased by 4.3% to $26.6 billion, with operating income rising 8.5% to $5.4 billion, demonstrating operational efficiency and revenue growth. Financially, Comcast reported a healthy increase in net income attributable to the corporation, rising 22.5% for the quarter and 25.7% for the nine-month period. The company also managed its debt effectively, reducing its overall debt through scheduled maturities and a successful cash tender offer, while maintaining significant availability under its credit facilities. Comcast continued to return capital to shareholders through dividends and share repurchases, underscoring its commitment to shareholder value despite ongoing economic challenges.
Financial Highlights
51 data points| Revenue | $8.85B |
| SG&A Expenses | $1.99B |
| Operating Expenses | $7.13B |
| Operating Income | $1.71B |
| Interest Expense | $707.00M |
| Net Income | $944.00M |
| EPS (Basic) | $0.17 |
| EPS (Diluted) | $0.17 |
| Shares Outstanding (Basic) | 5.74B |
| Shares Outstanding (Diluted) | 5.75B |
Key Highlights
- 1Consolidated revenue increased by 4.3% to $26.6 billion for the first nine months of 2009, with the Cable segment driving this growth.
- 2Net income attributable to Comcast Corporation grew significantly, up 22.5% for the quarter and 25.7% for the nine-month period, reflecting improved profitability.
- 3The company saw strong customer additions in high-speed Internet (755,000 for nine months) and digital phone (906,000 for nine months), partially offsetting a net decrease in video subscribers (-424,000 for nine months).
- 4Comcast actively managed its debt, reducing outstanding balances through scheduled maturities and a $1.3 billion cash tender offer, while maintaining substantial liquidity.
- 5Capital expenditures were reduced by 11.0% to $3.4 billion for the nine-month period, indicating a focus on operational efficiency and disciplined investment.
- 6The company returned capital to shareholders through $0.20 in dividends declared per common share for the nine-month period and repurchased approximately 31.6 million shares for $465 million.