Summary
Comcast Corporation's (CMCSA) first quarter 2013 report highlights a significant strategic move with the acquisition of GE's remaining 49% stake in NBCUniversal for approximately $16.7 billion. This transaction, completed in March 2013, consolidates full control of NBCUniversal under Comcast, impacting the company's balance sheet significantly with increased long-term debt and a substantial increase in goodwill. Financially, revenue saw a modest increase driven by strong performance in Cable Communications and Theme Parks, partially offset by a decline in Broadcast Television revenue, largely due to the absence of the previous year's Super Bowl broadcast. Operational highlights include continued growth in high-speed Internet and voice customer additions in the Cable Communications segment, alongside a slight decline in video customers. NBCUniversal's segments showed mixed results, with Cable Networks and Theme Parks demonstrating robust revenue growth, while Filmed Entertainment experienced a slight increase. The company maintained strong operating cash flow, although net cash used in investing activities surged due to the NBCUniversal acquisition and related property purchases. Comcast also continued its commitment to shareholder returns through significant share repurchases and an increased dividend.
Financial Highlights
50 data points| Revenue | $15.31B |
| Operating Expenses | $12.24B |
| Operating Income | $3.07B |
| Interest Expense | $653.00M |
| Net Income | $1.44B |
| EPS (Basic) | $0.28 |
| EPS (Diluted) | $0.27 |
| Shares Outstanding (Basic) | 5.27B |
| Shares Outstanding (Diluted) | 5.35B |
Key Highlights
- 1Comcast completed the acquisition of GE's 49% stake in NBCUniversal for $16.7 billion, consolidating full ownership and significantly increasing long-term debt and goodwill on the balance sheet.
- 2Consolidated revenue increased by 2.9% to $15.31 billion, primarily driven by the Cable Communications segment, which grew 6.4% to $10.22 billion.
- 3Net income attributable to Comcast Corporation rose 17.4% to $1.44 billion, or $0.54 per diluted share, compared to $1.22 billion, or $0.45 per diluted share, in the prior year quarter.
- 4The Cable Communications segment added 433,000 high-speed Internet customers and 211,000 voice customers, though video customer net additions were negative (-60,000).
- 5NBCUniversal segment revenue saw a slight decrease of 2.4% to $5.34 billion, with Cable Networks up 4.6% and Theme Parks up 12.2%, but Broadcast Television down significantly by 18.5% due to the absence of the Super Bowl broadcast from the prior year.
- 6Net cash used in investing activities was $2.76 billion, a significant increase from $1.35 billion in the prior year, heavily influenced by the NBCUniversal acquisition and property purchases.
- 7The company returned $500 million to shareholders through share repurchases and paid $514 million in dividends in the quarter, demonstrating ongoing capital allocation to shareholders.