Research Desk Line-up: Time Warner Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Comcast Corp. (NASDAQ: CMCSA), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=CMCSA, following the Company's posting of its second quarter fiscal 2017 results on July 27, 2017. The No. 1 US cable operator outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Entertainment - Diversified industry. Pro-TD has currently selected Time Warner Inc. (NYSE: TWX) for due-diligence and potential coverage as the Company reported on August 02, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Time Warner when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CMCSA; also brushing on TWX. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
For the quarter ended June 30, 2017, Comcast's consolidated revenue grew 9.8% to $21.17 billion compared to revenue of $19.27 billion in Q2 2016. The Company's revenue numbers exceeded analysts' estimates of $20.82 billion.
For Q2 2017, consolidated net income attributable to Comcast surged 23.9% to $2.51 billion compared to $2.03 billion in Q2 2016. The Company's earnings per share for the reported quarter were $0.52, reflecting a 26.8% increase compared to earnings of $0.41 in the prior year's same quarter. Comcast's earnings topped Wall Street's estimates of $0.48 per share.
Segment Results
Cable Communications
During Q2 2017, Comcast's revenue from its Cable Communications business increased 5.5% to $13.12 billion, driven primarily by increases in high-speed Internet, video, and business services revenue. The unit's High-speed Internet revenue increased 9.2% to $3.68 billion, driven by an increase in the number of residential high-speed internet customers and rate adjustments. The segment's video revenue increased 3.9% to $5.58 billion, reflecting rate adjustments and an increase in the number of customers subscribing to additional services. For Q2 2017, Cable Communications' Business services revenue surged 12.6% to $1.53 billion.
Cable Communications' total Customer Relationships increased by 114,000 to 29.0 million in Q2 2017. Residential customer relationships increased by 77,000 and business customer relationships increased by 37,000 in the reported quarter. During Q2 2017, the segment's total video customer net losses were 34,000, total high-speed Internet customer net additions were 175,000, total voice customer net losses were 22,000, and total security and automation customer net additions were 71,000.
Adjusted EBITDA for Cable Communications increased 5.4% to $5.3 billion in Q2 2017 reflecting higher revenue, partially offset by a 5.5% increase in operating expenses. The higher expenses were primarily due to a 12.0% increase in video programming costs, reflecting the timing of contract renewals as well as higher retransmission consent fees, and sports programming costs. The segment's adjusted EBITDA margin was 40.5% in the reported quarter compared to 40.6% in the prior year's same quarter.
NBCUniversal
During Q2 2017, revenue for NBCUniversal segment rose 17.3% to $8.3 billion compared to $7.10 billion in Q2 2017. The division's adjusted EBITDA surged 22.6% to $2.07 billion, reflecting increases at Filmed Entertainment, Theme Parks, Cable Networks, and Broadcast Television.
Cable Networks' revenue increased 5.1% to $2.70 billion in Q2 2017, reflecting higher distribution and content licensing and other revenue. Distribution revenue increased 8.1%, driven by contractual rate increases and contract renewals, while content licensing and other revenue grew 10.5%. The segment's adjusted EBITDA advanced 11.7% to $1.06 billion in the reported quarter, reflecting higher revenue, partially offset by a modest increase in operating expenses.
For Q2 2017, Broadcast Television generated revenue of $2.24 billion, up 5.3% on a y-o-y basis, driven by higher distribution and other and content licensing revenue. The segment's distribution and other revenue surged 36.1% on a y-o-y basis, due to higher retransmission consent fees, while content licensing revenue gained 2.1%. Broadcast Television's adjusted EBITDA increased 5.5% to $416 million in Q2 2017.
During Q2 2017, Filmed Entertainment's revenue soared 59.6% to $2.2 billion, primarily reflecting higher theatrical revenue as well as increased home entertainment, content licensing, and other revenue. Theatrical revenue increased by $540 million to $837 million, reflecting the strong performance of The Fate of the Furious in Q2 2017. Home Entertainment revenue surged 42.6%, driven by strong sales of recent titles. Content licensing and other revenue increased 14.1% and 37.1%, respectively, primarily due to the inclusion of DreamWorks in the current year period. Filmed Entertainment's adjusted EBITDA increased rocketed 407.4% to $285 million in Q2 2017.
Comcast's Theme Parks' revenue increased 15.6% to $1.3 billion in Q2 2017, reflecting higher attendance and per capita spending. The segment's adjusted EBITDA rose 17.3% to $551 million in the reported quarter due to higher revenue, partially offset by an increase in operating expenses including costs to support new attractions.
Cash Matters
During Q2 2017, Comcast's capital expenditures increased 2.5% to $2.3 billion. Cable Communications' capital expenditures increased 4.0% to $2.0 billion in the reported quarter, reflecting a higher level of investment in scalable infrastructure to increase network capacity and increased investment in line extensions, while NBCUniversal's capital expenditures of $338 million decreased 6.1%, primarily due to continued investment at Theme Parks.
Comcast's net cash provided by operating activities was $5.2 billion in Q2 2017, while free cash flow was $2.2 billion. For the six months ended June 30, 2017, the Company's net cash provided by operating activities was $10.8 billion and free cash flow totaled $5.3 billion.
During Q2 2017, Comcast repurchased 35.2 million of its common shares for $1.4 billion. In H1 2017, the Company has repurchased 55.6 million of its common shares for $2.1 billion. As of June 30, 2017, Comcast had $9.9 billion available under its share repurchase authorization.
On July 27, 2017, Comcast announced that its Board of Directors declared a quarterly dividend of $0.1575 a share on its common stock. The quarterly dividend is payable on October 25, 2017, to shareholders of record as of the close of business on October 04, 2017.
Stock Performance
Comcast's share price finished yesterday's trading session at $39.61, marginally up 0.03%. A total volume of 12.28 million shares have exchanged hands. The Company's stock price surged 1.05% in the last three months, 6.28% in the past six months, and 17.55% in the previous twelve months. Additionally, the stock rallied 14.73% since the start of the year. Shares of the Company have a PE ratio of 19.56 and have a dividend yield of 1.59%. The stock currently has a market cap of $187.17 billion.
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