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Comcast topped both revenue and profit estimates in the fourth quarter as it lost fewer broadband subscribers than expected, and it raised its dividend 7%, the company said Thursday.
Here’s how Comcast performed, compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv.
- Earnings per share: 84 cents adjusted vs. 79 cents expected
- Revenue: $31.25 billion vs. $30.51 billion expected
For the quarter ended Dec. 31, net income rose 7.8% to $3.26 billion, or 81 cents a share, compared with $3.02 billion, or 70 cents a share, a year earlier. Revenue increased 2.3% compared with the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was flat year over year at about $8 billion.
“For the third consecutive year, we generated the highest revenue, adjusted EBITDA and adjusted EPS in our company’s history,” Comcast Chief Executive Officer Brian Roberts said in a statement. “We also reported the highest adjusted EBITDA on record at Theme Parks; were the #1 studio in worldwide box office for the first time since 2015; and maintained Peacock’s position as the fastest growing streamer in the U.S.”
Comcast shares rose about 5% on Thursday.
Comcast chairman and CEO Brian L. Roberts.
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Comcast increased its dividend by 8 cents, or 7%, to $1.24 per share on an annualized basis for 2024. It’s the 16th consecutive year the company has raised its dividend. Comcast also approved a new share repurchase program authorization with no expiration date for $15 billion, effective as of Friday.
Free cash flow in the fourth quarter was $1.7 billion and $13 billion for the year.
Comcast lost 34,000 domestic broadband subscribers — less than the average analyst estimate of about 62,000 as compiled by StreetAccount. Despite the losses, domestic broadband revenue rose 3.7% to $6.4 billion. Average revenue per user jumped 3.9% as customers connected more devices and spent more for higher…
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