Comcast Corporation recorded improved revenues and profit for Q4, while NBCUniversal’s results slipped, largely due to lower theatrical revenues.
“We delivered strong operational and financial results in the fourth quarter, capping another great year for Comcast, including double-digit growth in full-year adjusted EPS, record free cash flow and 1.4 million broadband net additions in the U.S.,” said Brian L. Roberts, chairman and CEO. “Our teams at Cable, NBCUniversal and Sky continued to execute at a high level, strengthening our leadership position in our markets. Looking ahead, in 2020 we are leaning into exciting opportunities, including further differentiating our broadband product in the U.S. through innovations like Flex and xFi Advanced Security; accelerating the deployment of Sky Q; launching a new broadband service in Italy; debuting Super Nintendo World at Universal Studios Japan; and introducing a world-class streaming service—Peacock—which leverages capabilities from across Comcast.”
Overall revenues at Comcast rose by 2 percent to $28.4 billion, with net income rising by 25.9 percent to $3.2 billion.
NBCUniversal’s revenues were down 2.6 percent in Q4 to $9.2 billion. The cable networks were up 1.2 percent to $2.9 billion, with ad revenues up 2 percent and content licensing and other revenues, including digital, up 3.4 percent. Broadcast TV rose by 2.1 percent to $3.2 billion, lifted by higher distribution and other and content licensing revenue (including retransmission consent fees). Ad revenues were down 1.5 percent in the broadcast TV segment. Filmed entertainment revenues dropped by 21 percent to $1.6 billion. Theme parks were up by 3.2 percent to $1.6 billion.
Sky’s revenues were up 1.4 percent on a constant currency basis to $5 billion, with direct-to-consumer revenues rising to $4 billion, content revenues increasing to $371 million and ad revenues falling to $647 million. Sky reported an increase of 77,000 total customer relationships to 24 million.
In the cable segment, revenues rose by 2.6 percent to $14.8 billion, led by an 8.8-percent rise in high-speed internet revenues to $4.8 billion. Video revenues fell by 1.2 percent to $5.5 billion, with the company recording a net loss in video customers of 149,000. Comcast ended the year with 21.3 million video customers. Total customer relationships increased to 31.5 million in Q4.