Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2014.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “We continue to see strong momentum across our cable and content businesses. In Cable, we posted the best second quarter customer results for both video and high-speed Internet in six years and saw tremendous demand for our X1 product, which is a truly transformative experience. We are also pleased with the continued rapid growth of business services, which has quickly become an important engine for the company. NBCUniversal had another excellent quarter with double-digit operating cash flow growth driven by solid results in each segment and a first place finish for NBC for the 2013/2014 broadcast television season.”
Consolidated Financial Results
|2nd Quarter||Year to Date|
|($ in millions)||2013||2014||Growth||2013||2014||Growth|
|Operating Cash Flow 1||$5,425||$5,804||7.0||%||$10,459||$11,342||8.4||%|
|Excluding TWC and Charter Transaction-Related Costs||$5,425||$5,848||7.8||%||$10,459||$11,403||9.0||%|
|Earnings per Share 2||$0.65||$0.76||16.9||%||$1.19||$1.47||23.5||%|
|Excluding Adjustments (see Table 4)||$0.65||$0.75||15.4||%||$1.16||$1.43||23.3||%|
|Free Cash Flow 3||$1,948||$1,155||(40.7||%)||$5,086||$3,979||(21.8||%)|
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 www.cmcsa.com or www.cmcsk.com.
Consolidated Revenue for the second quarter of 2014 increased 3.5% to $16.8 billion. Consolidated Operating Cash Flow increased 7.0% to $5.8 billion. Excluding $44 million of Time Warner Cable and Charter transaction-related costs in the second quarter of 2014, consolidated operating cash flow increased 7.8% (See Table 5). Consolidated Operating Income increased 10.7% to $3.8 billion.For the six months ended June 30, 2014, consolidated revenue increased 8.5% to $34.3 billion. Excluding $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, consolidated revenue increased 5.0%. Consolidated operating cash flow increased 8.4% to $11.3 billion. Excluding $61 million of transaction-related costs in the first six months of 2014, consolidated operating cash flow increased 9.0% (See Table 5). Consolidated operating income increased 13.4% to $7.4 billion.
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