Wednesday, October 20, 2021

Comcast reports $2.6 billion in theme park revenue for first half of 2018

 

Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2018.

Brian L. Roberts , Chairman and Chief Executive Officer 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 10 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 TM 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.”

Consolidated Revenue for the second quarter of 2018 increased 2.1% to $21.7 billion .

Consolidated Net Income Attributable to Comcast increased 27.6% to $3.2 billion .

Consolidated Adjusted EBITDA increased 4.8% to $7.4 billion .

For the six months ended June 30, 2018, consolidated revenue increased 6.3% to $44.5 billioncompared to 2017. Consolidated net income attributable to Comcast increased 24.3% to $6.3 billion . Consolidated Adjusted EBITDA increased 4.1% to $14.7 billion .

Earnings per Share (EPS) for the second quarter of 2018 was $0.69 , an increase of 32.7% compared to the second quarter of 2017. On an adjusted basis, EPS increased 25.0% to $0.65.

For the six months ended June 30, 2018, EPS was $1.36 , a 28.3% increase compared to the prior year. On an adjusted basis, EPS increased 20.0% to $1.26.

Capital Expenditures decreased 3.3% to $2.3 billion in the second quarter of 2018. Cable Communications’ capital expenditures decreased 9.7% to $1.8 billion in the second quarter of 2018, reflecting lower spending on customer premise equipment and support capital, partially offset by increased investments in scalable infrastructure and line extensions. Cable capital expenditures represented 12.9% of Cable revenue in the second quarter of 2018 compared to 14.8% in last year’s second quarter. NBCUniversal’s capital expenditures of $461 million increased 36.3%, reflecting continued investment at Theme Parks.

For the six months ended June 30, 2018, capital expenditures decreased 4.1% to $4.2 billioncompared to 2017. Cable Communications’ capital expenditures decreased 7.6% to $3.5 billion and represented 12.7% of Cable revenue compared to 14.2% in 2017. NBCUniversal’scapital expenditures increased 17.1% to $730 million in 2018.

Net Cash Provided by Operating Activities was $7.1 billion in the second quarter of 2018. Free Cash Flow 4 was $4.3 billion.

For the six months ended June 30, 2018, net cash provided by operating activities was $12.5 billion . Free cash flow was $7.4 billion.

Dividends and Share Repurchases. During the second quarter of 2018, Comcast paid dividends totaling $878 million and repurchased 38.3 million of its common shares for $1.3 billion . In the first six months of 2018, Comcast repurchased 76.9 million of its common shares for $2.8 billion. As of June 30, 2018, Comcast had $4.25 billion available under its share repurchase authorization. Comcast expects to repurchase at least $5.0 billion of its Class A common stock during 2018, subject to market conditions.

NBCUniversal

Revenue for NBCUniversal remained flat at $8.3 billion in the second quarter of 2018.

Adjusted EBITDA increased 4.2% to $2.2 billion , reflecting increases at Cable Networks and Theme Parks, partially offset by a decline at Filmed Entertainment .

For the six months ended June 30, 2018, NBCUniversal revenue increased 10.3% to $17.8 billion compared to 2017. Adjusted EBITDA increased 8.6% to $4.4 billion , reflecting increases at Cable Networks, Broadcast Television and Theme Parks, partially offset by a decline at Filmed Entertainment .

Theme Parks

Theme Parks revenue increased 3.6% to $1.4 billion in the second quarter of 2018 reflecting higher per capita spending driven by the successful openings of several new attractions including Fast & Furious -Supercharged TM in Orlando , partially offset by the timing of spring holidays as compared to 2017. Adjusted EBITDA increased 3.4% to $569 million in the second quarter of 2018, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

For the six months ended June 30, 2018, revenue from the Theme Parks segment increased 8.6% to $2.6 billion compared to 2017, reflecting higher per capita spending. Adjusted EBITDA increased 12.3% to $1.1 billion compared to 2017, due to higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

Joe Kleimanhttp://www.themedreality.com
Raised in San Diego on theme parks, zoos, and IMAX films, Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe has been News Editor and contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, and MiceChat. His blog, ThemedReality.com takes an unconventional look at the attractions industry. Follow on twitter @themedreality Joe lives in Sacramento, California with his fiancé, two dogs, and a ghost.

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