NBCU Quarterly Earnings See Lift from Olympics, Super Bowl

First-quarter revenue for NBCUniversal increased 21.3 percent to $9.5 billion, bolstered by the broadcasts of the PyeongChang Olympics and the NFL’s Super Bowl.

Adjusted EBITDA increased 13.1 percent to $2.3 billion, with increases at broadcast, cable networks and theme parks, partially offset by a decline within filmed entertainment.

Cable networks revenue increased 21 percent to $3.2 billion, seeing higher distribution and advertising revenue. Adjusted EBITDA increased 13.7 percent to $1.3 billion, reflecting higher revenue, partially offset by an increase in programming and production costs associated with the Olympics broadcast.

Broadcast television revenue was up 58.3 percent in Q1 to $3.5 billion, with higher advertising and distribution and other revenue. Adjusted EBITDA increased 57.5 percent to $507 million, though higher revenue was partially offset by increased programming and production costs primarily associated with the Olympics and Super Bowl broadcasts.

Filmed entertainment saw revenues dip 16.3 percent to $1.6 billion, citing lower theatrical revenue, facing a tough comparison against the higher number of films in last year’s first quarter, including Fifty Shades Darker, Sing, Split and Get Out. Adjusted EBITDA decreased by 45.2 percent to $203 million.

Theme parks revenue was up 14.5 percent to $1.3 billion, and adjusted EBITDA increased 24.6 percent to $495 million.

Overall, Comcast Corporation consolidated revenue saw a 10.7 percent gain to $22.8 billion. Consolidated net income attributable to Comcast increased 21.2 percent to $3.1 billion, while consolidated adjusted EBITDA increased 3.3 percent to $7.2 billion.

Brian L. Roberts, chairman and CEO of Comcast Corporation, said, “Comcast NBCUniversal is off to a great start in 2018 with over 10 percent revenue growth in the first quarter. At cable communications, our steady increase in customer relationships continued, balanced with solid growth in EBITDA, reflecting momentum in our high-speed Internet and business services segments. NBCUniversal delivered double-digit EBITDA growth, fueled by impressive results at our theme parks, as well as our TV businesses’ successful broadcasts of the NFL’s Super Bowl LII and the 2018 PyeongChang Olympics. The Olympics were an incredible event that showcased our capabilities and collaboration throughout the company. NBCUniversal’s amazing presentation was the most comprehensive in Winter Games history with over 2,400 hours of coverage across broadcast, cable networks, and digital, and cable’s best-in-class technology delivered an unparalleled viewing experience, resulting in 26 percent higher ratings among our X1 customers than the national average. I’m proud of our teams across Comcast NBCUniversal and believe we are well-positioned for the future.”