Comcast Tops Views On Broadband Growth, Reveals Buyback Plans--Update

By Chelsey Dulaney 

Comcast Corp. on Monday reported better-than-expected profit and revenue growth in its first quarter, as its broadband division logged its strongest revenue growth in more than four years.

Shares gained 2.4% in premarket trading as the company also announced it will spend another $2.5 billion buying back shares this year.

Last month, Comcast walked away from plans to acquire Time Warner Cable Inc., as increasing pressure from regulators prompted the end of the $45.2 billion deal.

The deal had promised to reshape the media landscape-forcing TV channel-owners and other pay-TV operators to contemplate their own mergers. Companies across the industry are now reassessing their calculations in the wake of its failure.

For the quarter ended March 31, Comcast reported a profit of $2.06 billion, or 81 cents a share, up from $1.87 billion, or 71 cents a share, a year earlier.

Excluding items, adjusted profit was 79 cents a share. Revenue grew 2.6% to $17.9 billion.

Analysts surveyed by Thomson Reuters projected a per-share profit of 74 cents on $17.4 billion in revenue.

In the latest quarter, the company showed improvements in its broadband subscriber results, adding 407,000 subscribers compared with additions of 383,000 a year ago. Comcast said the results were its best in two years.

But the company lost 8,000 video subscribers, compared with additions of 24,000 a year ago.

Voice subscriber additions slowed to 77,000 from 142,000 additions a year ago.

Comcast saw its broadband revenue grow 10.7%, while voice revenue fell 1.5%. Business services revenue jumped 21.4%.

Overall, at the company's cable business, which accounts for the bulk of the top line, revenue grew 6.3% to $11.4 billion.

Total revenue at NBCUniversal fell 4% to $6.6 billion. Excluding last year's Olympics and this year's Super Bowl, revenue would have been up 7.9%.

Comcast also said Monday that it plans to repurchase an additional $2.5 billion in stock during 2015, bringing its total 2015 share-buyback plan to $6.75 billion.

Write to Chelsey Dulaney at [e-mail]

Access Investor Kit for Comcast Corp.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US20030N1019

Access Investor Kit for Comcast Corp.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US20030N2009

Access Investor Kit for Time Warner Cable, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US88732J2078

Subscribe to WSJ: http://online.wsj.com?mod=djnwires