Comcast (CMCSA) - Get Report beat market expectations in the second quarter, booking earnings per share of $0.83 on revenue of $19.3 billion, thanks to a robust performance in the cable communications business. The market consensus had called for EPS of $0.81 on revenue of $18.99 billion.
The Philadelphia, PA-based media company saw second-quarter revenue advance 2.8% year-on-year, from $18.7 billion to $19.3 billion. The cable communications business saw revenue rise 6%, driven by growth in high-speed Internet, business services, and video revenue. This more than offset a 1.8% revenue decline in the NBCUniversal business, which was hurt by a 40% revenue decline in the filmed entertainment operation. EPS dropped 1.2% year on year to $0.83.
"We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth," said CEO Brian L. Roberts.
Customer relationships increased by 115,000 to 28.1 million in the quarter, up 83,000 from a year earlier. Meanwhile, video customers net loses improved to 4,000, and high-speed Internet customers increased by 220,000. Business services revenue rose 17.0%.
Roberts, also the chairman of Comcast, said that the TV business and theme parks drove the NBCUniversal business and nearly offset the difficult year-on-year comparison in the film business.
"The entire organization is gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform," Roberts said.
Comcast shares advanced 1.2% to $68.00 in pre-market trading.