Comcast Q3 Growth Aided By Customer Addons, NBCUniversal

Comcast Corp CMCSA reported third-quarter FY21 revenue growth of 18.7% year-on-year to $30.3 billion, beating the consensus of $29.87 billion.
Segments: Revenue for Cable Communications rose 7.4% Y/Y to $16.12 billion, driven by increases in broadband, advertising, wireless, business services, video, and other revenue, partially offset by a decrease in voice revenue.
Customer Relationships increased by 255,000 to 34 million. Broadband customer net additions were 300,000. It added 285,000 wireless lines.
Revenue for NBCUniversal increased 57.9% Y/Y to $10 billion, Media increased 47.5% Y/Y to $6.8 billion, reflecting higher advertising revenue, Studios increased 26.8% Y/Y to $2.4 billion, primarily reflecting higher theatrical revenue.
Theme Parks' revenue increased from $1.1 billion to $1.4 billion, reflecting improved operating conditions.
Revenue for Sky increased 4.1% Y/Y to $4.988 billion. Total Customer Relationships decreased by 233,000 to 23 million.
The EPS of $0.87 beat the consensus of $0.75.
Margin: Adjusted EBITDA margin of Cable Communications expanded 120 bps to 43.9%. Sky's adjusted EBITDA margin expanded 880 bps to 19.5%.
Comcast generated $6.1 billion in operating cash flow and held $11.8 billion in cash and equivalents.
Comcast paid dividends totaling $1.2 billion and repurchased shares worth 25.9 million.
Cable Communications' capital expenditures decreased 5.4% to $1.7 billion, NBCUniversal's capital expenditures decreased 35.7% to $229 million, and Sky's capital expenditures decreased 32.3% to $160 million.
Price action: CMCSA shares traded lower by 0.38% at $52.24 on the last check Thursday.

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