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With Sky, Comcast Revenues Climb 21%, to $26.8B in Q3

Cable-related adjusted EBITDA rose 6.7% versus the prior year.

October 24, 2019

2 Min Read

PHILADELPHIA -- Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2019, including Cable Communications, NBCUniversal and Sky.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We delivered excellent results in the third quarter, surpassing 55 million customer relationships and generating strong pro forma growth in adjusted EBITDA and double-digit growth in adjusted EPS. We continued our long track record of highly-profitable growth, while also investing in our businesses to further strengthen our leading competitive position. Cable had its highest third quarter broadband net additions in 10 years, which drove its best quarterly net additions in total customer relationships on record; NBC ranked #1 in primetime for the sixth consecutive 52-week season; and Sky's channels had a 10% increase in household viewership. These and our many other accomplishments during the quarter underscore our strategic focus on innovation and providing our customers with superior products, services and experiences. Together, with our leading scale in high-value customer relationships and premium content, we are strategically positioned to thrive in our evolving global industry."

Consolidated 3rd Quarter 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 17.0%

  • Earnings per Share Increased 16.2% to $0.79, on an Adjusted Basis

  • Generated Free Cash Flow of $2.1 Billion

Cable Communications 3rd Quarter 2019 Highlights:

  • Cable Communications Adjusted EBITDA Increased 6.7% and Adjusted EBITDA per Customer Relationship Increased 3.2%

  • Total Customer Relationships Increased 3.4% Year-Over-Year to 31.2 Million, Including Net Additions of 309,000 in the Quarter

  • High-Speed Internet Residential Revenue Increased 9.3%; Business Services Revenue Increased 9.3%; Total High-Speed Internet Customers Increased by 379,000

Consolidated Financial Results
The comparability of our consolidated results was impacted by the fourth quarter 2018 Sky transaction. Sky's results of operations are included in our consolidated financial statements following the acquisition date.

Consolidated Revenue for the third quarter of 2019 increased 21.2% to $26.8 billion. Consolidated Net Income Attributable to Comcast increased 11.5% to $3.2 billion. Consolidated Adjusted EBITDA increased 17.0% to $8.6 billion.

For the nine months ended September 30, 2019, consolidated revenue increased 20.8% to $80.5 billion compared to 2018. Consolidated net income attributable to Comcast increased 7.3% to $9.9 billion. Consolidated Adjusted EBITDA increased 17.5% to $25.8 billion.

Earnings per Share (EPS) for the third quarter of 2019 was $0.70, an increase of 12.9% compared to the third quarter of 2018. On an adjusted basis, EPS increased 16.2% to $0.79.

Capital Expenditures increased 5.3% to $2.5 billion in the third quarter of 2019. Cable Communications' capital expenditures decreased 6.7% to $1.8 billion. NBCUniversal's capital expenditures increased 24.7% to $505 million. Sky had capital expenditures of $104 million.

Comcast

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