With NBC Universal securely in its pocket, Comcast reported a 7 percent increase in fourth quarter revenue and an 11 percent jump in operating income on Wednesday, as cable customers ordered more services and advertising grew. The company also raised its dividend by 19 percent.
During a conference call with investors, Comcast executives outlined broad strategic goals for NBCU, including a long-term turnaround of NBC's primetime performance. But don't expect one anytime soon.
"Now that we have completed the NBCUniversal transaction, we are uniquely positioned, with scale in distribution and content, to drive product leadership and innovation even further and to expand the entertainment choices we offer consumers," Comcast CEO Brian Roberts said. "We have the right strategic mix of assets, strong momentum and many opportunities."
It was the first earnings report for Comcast since its blockbuster merger with NBC Universal was completed last month -- though NBCU results won't be included until next quarter.
One of Comcast's goals for 2011, Roberts said, is to "establish a foundation for NBC broadcast turnaround."
"The biggest opportunity if you move out three, four, five years, is in broadcast," Roberts said. "There's a real strength with NBC News, and there's a weakness in primetime. [But] I don't think we're going to see anything there for awhile."
"The cable channels are in fantastic shape, we want to continue to keep that going," he said.
"Now," Roberts added, "it's really about execution."
Comcast's fourth quarter revenue was $9.7 billion. Advertising grew 29 percent during the quarter, the company said.
But the big bump came from its cable customers. The monthly average total revenue per video customer increased 10.6 percent to $133.43 -- as residential customers tacked on added services.
The increase helped offset a loss of 135,000 basic cable customers during the last three months of 2010. Including Internet and digital video customers, Comcast added 698,000 customers during the fourth quarter, and about 2.6 million overall.
The nation's largest cable company posted quarterly net income of $1.02 billion (or 36 cents per share) compared to $955 million (or 33 cents) last year.
The dividend increase, Roberts said, was done "to underscore our optimism in our new company."
Here's the full release:
Comcast Reports 4th Quarter and Year End 2010 Results
>> Strong Financial and Operating Momentum
>> Revenue Increased 7%, Operating Cash Flow Increased 9% and Operating Income Increased 11%
>> Free Cash Flow Increased 46% to $1.1 Billion; Full-Year Increase of 22% to $5.4 Billion
>> Share Repurchases to Increase by 75% to $2.1 Billion in 2011
>> Planned Annual Dividend to Increase by 19% to $0.45 per Share
PHILADELPHIA -- (BUSINESS WIRE) -- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter and year ended December 31, 2010.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "I am pleased to report healthy results for 2010, marked by accelerating growth during the year and real strength in financial and customer metrics in the fourth quarter.
