Comcast Beats Quarterly Forecasts as Video Subscribers, Revenue-per-Customer Rise - TheStreet

Cable giant Comcast (CMCSA) - Get Report on Wednesday posted above-forecast earnings per share and revenue after an unexpected rise in video subscribers and an increase in revenue per customer.

The Philadelphia owner of the NBC network reported earnings per share of 92 cents, above the 91-cent forecast of analysts surveyed by FactSet, and up 15% from 80 cents in the year-earlier period. Analysts had predicted revenue of $21.15 billion, whereas Comcast pulled in $21.3 billion of sales, up 14.2% year on year.

The company said video customers increased by 32,000, the best third-quarter growth for that segment in 10 years. Analysts had previously predicted video subscribers would decline once more after a second-quarter downturn.

High-speed Internet customers rose by 330,000, which Comcast said was the best third-quarter growth in seven years, while total revenue per customer rose by 3.6%.

Theme park revenue rose almost 61% to $1.4 billion in the third quarter after Comcast opened a Harry Potter-themed attraction in Hollywood.

The company plans to launch a wireless service through a partnership with Verizon Communications (VZ) - Get Report next year.

Comcast said it paid out $663 million in dividends in the third quarter and repurchased 20.8 million of its common shares for $1.4 billion. It has shareholder authorization to buy back another $6.2 billion of stock.

Comcast shares were up 0.7%, or 48 cents, at $65.00 in premarket trading.