NBCUniversal Earnings Rise in Q2

In the second quarter of 2018, NBCUniversal’s adjusted EBITDA increased 4.2 percent to $2.2 billion, with gains from cable networks and theme parks partially offset by a decline in filmed entertainment.

Revenue for the quarter was essentially flat at $8.3 billion—seeing just a slight 0.1 percent dip.

Cable networks revenue was up 8.2 percent to $2.9 billion, with higher distribution, content licensing and other, and advertising revenue. Adjusted EBITDA increased 12.5 percent to $1.2 billion, with higher revenue being partially offset by higher operating costs.

Revenue in the broadcast TV segment increased 6.7 percent to $2.4 billion, seeing increased advertising and distribution and other revenue being partially offset by lower content licensing revenue. Adjusted EBITDA was flat at $417 million, as higher revenue was offset by increased programming and production costs, largely from Telemundo’s broadcast of the 2018 World Cup.

Filmed entertainment revenue was down 20.2 percent to $1.7 billion, reflecting lower theatrical, home entertainment and content licensing revenue. Theatrical faced a tough comparison against last year’s second quarter, including Fate of the Furious, and timing of this quarter’s releases, including Jurassic World: Fallen Kingdom. Home entertainment also faced a tough comparison, notably due to the success of several releases in the prior-year period such as Fifty Shades Darker, Sing, Split and Get Out, partially offset by Q2 2018’s Fifty Shades Freed. Adjusted EBITDA decreased by 52.1 percent to $138 million, with lower revenue partially offset by lower programming and production costs.

Theme parks revenue was up 3.6 percent to $1.4 billion, and adjusted EBITDA increased 3.4 percent to $569 million.

Comcast’s total revenue for the second quarter was up 2.1 percent to $21.7 billion. Adjusted EBITDA was up 4.8 percent to $7.4 billion, and net income gained 27.6 percent to $3.2 billion.

Brian L. Roberts, chairman and CEO of Comcast Corporation, said, “We delivered fantastic results in the second quarter, including robust free cash flow of $4.3 billion. At Cable Communications, we added 182,000 customer relationships, largely driven by our addition of 260,000 broadband customers, which was the highest second quarter result in ten years. These strong customer metrics were balanced with robust EBITDA growth, fueled by high-speed internet and business services. NBCUniversal’s performance was highlighted by continued momentum in affiliate revenue at our cable networks business, and Telemundo presented its first-ever FIFA World Cup, which set multiple records for the network. Additionally, we are excited about the new attractions that we opened at each of our theme parks during the quarter, and pleased with the theatrical performance of Jurassic World: Fallen Kingdom. Overall, our successful results in the first half of 2018 underscore the strength we see across Comcast NBCUniversal.”