NBCUniversal’s profits rose 4.2% on a strong performance by is cable networks.
Earnings before interest, taxes, depreciation and amortization were $2.2 billion, despite a 0.1% decrease in revenue to $8.31 billion, according to parent company Comcast, which reported its financial results Thursday.
Cable network earning rose 12.5% to $1.19 billion, with revenue rising 8.2% to $2.9 billion.
Distribution revenue for the cable networks rose 8.7%. The company said rates were up and the the decline in subscribers were moderating. Advertising revenue rose 3.6%
For broadcast, earnings were up 0.2% to $417 million. Revenue was up 6.7% to $2.4 billion.
Distribution and other revenue rose 16.8% because of higher retransmission consent fees.
Comcast’s second-quarter net income rose 27.6% to $3.2 billion, or 69 cents per share, from $2.5 billion or 52 cents a share.
Revenue rose 2.1% to $21.7 billion
At Comcast Cable, revenue from video was down 1.9% to $5.6 billion. That was more than offset by a 9.3% increase in revenue from high-speed internet and overall revenue was up 3.4% and profits roes 3.4%.
“We delivered fantastic results in the second quarter, including robust free cash flow of $4.3 billion,” said Comcast CEO Brian Roberts.
"NBCUniversal’s performance was highlighted by continued momentum in affiliate revenue at our cable networks business, and Telemundo presented its first ever 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," Roberts said. "Overall, our successful results in the first half of 2018 underscore the strength we see across Comcast NBCUniversal.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.