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Comcast Reports 3rd Quarter 2013 Results

Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended September 30, 2013.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “Our businesses generated strong revenue and cash flow growth and record free cash flow for the third quarter. Cable’s results highlight the underlying strength of our residential and business services. We are driving innovation, expanding our service offerings, and bringing new and rich content to more platforms than ever before. NBCUniversal delivered solid performance in every one of its segments, with healthy growth in revenue and double-digit cash flow growth, adjusting for the results of the Olympics last year. Comcast NBCUniversal has real momentum and many opportunities ahead.”


Consolidated Financial Results

3rd Quarter Year to Date
($ in millions)     2012     2013     Growth     2012     2013     Growth


    $16,151 (2.4 %) $46,633     $47,731 2.4 %
Excluding Super Bowl & Olympics     $15,356     $16,151     5.2 %     $45,186     $47,731     5.6 %
Operating Cash Flow (OCF) 1 $5,008 $5,330 6.4 % $14,700 $15,789 7.4 %
Excluding Olympics & Pension Costs     $4,888     $5,404     10.5 %     $14,580     $15,863     8.8 %
Operating Income     $3,048     $3,414     12.0 %     $8,885     $9,916     11.6 %
Earnings per Share 2 $0.78 $0.65 (16.7 %) $1.72 $1.84 7.0 %
Excluding Gains on Asset Sales     $0.46     $0.65     41.3 %     $1.40     $1.81     29.3 %
Free Cash Flow 3 $1,514 $1,968 30.0 % $6,107 $7,054 15.5 %

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at or

Revenue for the third quarter of 2013 decreased 2.4% to $16.2 billion. Excluding $1.2 billion of revenue generated by the Olympics in the third quarter of 2012, revenue increased 5.2%. Operating Cash Flow increased 6.4% to $5.3 billion. Excluding $120 million of operating cash flow generated by the Olympics in the third quarter of 2012 and $74 million of costs in the third quarter of 2013 associated with the termination of a pension plan, operating cash flow increased 10.5% (see Table 5). Operating Income increased 12.0% to $3.4 billion.

For the nine months ended September 30, 2013, revenue increased 2.4% to $47.7 billion. Excluding $259 million of revenue generated by the NFL’s Super Bowl in the first quarter of 2012 and the impact of the Olympics in the third quarter of 2012, revenue increased 5.6%. Operating cash flow increased 7.4% to $15.8 billion. Excluding the Olympics in the third quarter of 2012 and pension termination costs in the third quarter of 2013, operating cash flow increased 8.8% (see Table 5). Operating income increased 11.6% to $9.9 billion.

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