Comcast Q4 Earnings Highlights: Flattish Growth From Cable Communications; FIFA Gives Boost To NBCUniversal Revenue; Dividend Hike

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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