- Comcast Corp (NASDAQ: CMCSA) reported fourth-quarter FY22 revenue growth of 0.7% year-on-year to $30.55 billion, beating the consensus of $30.31 billion.
- Segments: Revenue for Cable Communications rose 1.4% Y/Y to $16.64 billion, driven by increases in broadband, wireless, business services, and advertising partially offset by decreases in the video and voice revenue. Broadband revenue grew 5.4% Y/Y to $6.18 billion.
- Customer Relationships decreased by 71,000 to 34.3 million. Broadband customer net losses were 26,000, and total video customer net losses were 440,000.
- The company's Cable Communications added 365,000 wireless lines.
- Revenue for NBCUniversal increased 5.9% Y/Y to $9.89 billion, helped by incremental revenue from the FIFA World Cup. Revenue from Media rose 2.6% Y/Y to $5.98 billion, and Studios increased 13.1% Y/Y to $2.74 billion, primarily reflecting higher content licensing revenue and theatrical revenue.
- Theme Parks' revenue increased by 12% to $2.11 billion due to higher attendance and increased guest spending at its parks in the U.S. and Japan.
- Revenue for Sky decreased 13% Y/Y to $4.42 billion. Total Customer Relationships increased by 129,000 to 23.12 million.
- Adjusted EPS of $0.82 beat the consensus of $0.77.
- Margin: Adjusted EBITDA margin of Cable Communications was flattish at 43.5%. Sky's adjusted EBITDA margin contracted 140 bps to 7.7%.
- Comcast generated $1.33 billion in free cash flow and held $4.75 billion in cash and equivalents.
- Cable Communications' capital expenditures were $2.4 billion, up 9.7% Y/Y, NBCUniversal's capital expenditures increased by 82.6% to $916 million, and Sky's capital expenditures decreased by 43.9% to $186 million.
- Dividend: Comcast boosted its dividend by 7.4% year-over-year to $1.16 per share annually for 2023.
- Price Action: CMCSA shares traded lower by 0.70% at $40.38 in the premarket on the last check Thursday.
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