Comcast

Comcast Reports 1st Quarter 2024 Results PHILADELPHIA–(BUSINESS WIRE)–April 25, 2024– Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024. “Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am […]

The following is a summary of the Comcast (CMCSA) Q1 2024 Earnings Call Transcript: Financial Performance: Comcast reported Q1 revenue of $30.1 billion, a 1% increase with consistent EBITDA at $9.4 billion. Adjusted EPS saw a 14% growth, boosted by a roughly 6% reduction in share count over the last year. The company generated impressive free cash flow of $4.5 billion in the quarter, and $3.6 billion were returned to shareholders. The residential broadband sector contributed heavily to the growth with revenue surging over 4%, driving total revenue in this area to over $6.5 billion. Business Progress: The company remains focused on its six major growth drivers, including residential broadband, wireless, business services, theme parks, studios, and streaming. Broadband usage among customers is on the rise with increased speed tier subscriptions and increased investment in the multi-gig internet. Subscriber base reports show more than 70% of customers are on speed

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $50, applying an EV/EBITDA multiple of 7.4x to our ’24 estimate, in line with its three-year historical average multiple, reflecting our positive outlook on the company. We trim our ’24 EPS estimate by $0.04 to $4.24 and lower ’25’s by $0.05 to $4.55. CMCSA reported Q1 operating EPS of $1.04 vs. $0.92, $0.05 above the consensus. Q1 revenue grew 1.2%, driven by 1.1% growth in Content and Experiences fueled by 3.6% growth in Media, and a 1.5% increase in Theme Parks, partially offset by a 7.2% decline in Studios due to lower licensing revenue. Domestic broadband customers fell 65k and video customers fell 487k, while wireless customer additions were 289k. While wireless results will likely continue to impress, we see

US media networks are expected to see another soft quarter in Q1 but there could be an improvement in linear TV ad revenue and modest gains in direct-to-consumer, Macquarie said in a note to clients Monday. “We anticipate an uninspiring Q1 reporting season from the five media network groups under coverage,” the firm said. Macquarie said it expects “stagnating” revenue and earnings before interest, taxes, depreciation and amortization for Comcast (CMCSA). The company’s broadband subscribers remain under pressure and it faces tough comparisons in film and parks, according to the note. Walt Disney’s (DIS) proxy fight is over but Macquarie said it doesn’t see much change in the financial outlook, while Fox’s (FOX) fiscal 2024 estimates look weak on comparison and timing. Paramount (PARA) is expected to strike a merger with Skydance Media soon and Warner Bros. Discovery (WBD) will not see a good start in Q1, according to the

Benchmark analyst Matthew Harrigan reiterates Comcast (NASDAQ:CMCSA) with a Buy and maintains $55 price target.

Wells Fargo analyst Steven Cahall maintains Comcast (NASDAQ:CMCSA) with a Equal-Weight and lowers the price target from $50 to $47.

Oppenheimer analyst Timothy Horan maintains Comcast (NASDAQ:CMCSA) with a Outperform and maintains $55 price target.

Evercore ISI Group analyst Vijay Jayant maintains Comcast with a Outperform and maintains $50 price target.

Comcast (CMCSA) said Thursday that it plans to invest over $265 million to expand its Xfinity network in Texas this year with the installation of over 1,000 miles of new fiber-rich highways. This year’s expansion will start in Conroe, Montgomery, Hempstead, Porter, Navasota and Cleveland, while ongoing network infrastructure projects in Houston will continue, said the company. Comcast said the investment for the expansion is in addition to its $3 billion investment in Texas over the last three years.

Comcast’s (CMCSA) Q1 results are likely to reflect slightly higher broadband subscriber losses and low single digit EBITDA growth in its Connectivity business segment, UBS said Thursday in a report. EBITDA may drop at the company’s Content division due to declines in studio and TV media segments, UBS said. As a result, Q1 revenue may be flat from a year earlier, compared with a prior forecast of 1.5% growth, UBS said. The firm also revised its full-year revenue forecast to reflect growth of 3.1%, compared with 3.5% previously. The firm maintained its neutral rating on the company’s stock with a price target of $47. Results for Q1 are scheduled to be released April 25. Comcast shares fell 0.6% in recent trading Thursday.

Comcast (NASDAQ:CMCSA) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/15/2024 4.81% Redburn Atlantic $50 → $44 Downgrades Buy → Neutral 01/30/2024 26.25% Citigroup $51 → $53 Maintains Buy 01/26/2024 19.1% Wells Fargo $45 → $50 Maintains Equal-Weight 12/22/2023 9.58% Rosenblatt $44 → $46 Maintains Neutral 10/30/2023 4.81% Barclays $47 → $44 Maintains Equal-Weight 10/27/2023 4.81% Rosenblatt → $44 Reiterates Neutral → Neutral 10/27/2023 16.72% Scotiabank → $49 Downgrades Sector Outperform → Sector Perform 10/06/2023 26.25% Seaport Global → $53 Initiates Coverage On → Buy 09/25/2023 16.72% JP Morgan $48 → $49 Maintains Neutral 08/09/2023 19.1% Argus Research $45 → $50 Maintains Buy 08/02/2023 — Wolfe Research Upgrades Underperform → Peer Perform 08/01/2023 21.49% Citigroup $47 → $51 Maintains Buy 07/31/2023 2.43% Rosenblatt $39 → $43 Maintains Neutral 07/31/2023 11.96% Barclays $42 → $47 Maintains Equal-Weight 07/28/2023 31.01% Oppenheimer $48 → $55

Citigroup analyst Michael Rollins maintained Comcast Corp (NASDAQ:CMCSA) with a Buy and raised the price target from $51 to $53. The analyst updated his model to reflect Comcast’s fourth-quarter results. Last week, Comcast reported a fourth-quarter FY23 revenue growth of 2.3% year-on-year to $31.25 billion, beating the consensus of $30.51 billion. Adjusted EPS of $0.84 beat the consensus of $0.79. Comcast increased its dividend by 6.9% year-over-year to $1.24 per share on an annualized basis for 2024. It declared a quarterly cash dividend of $0.31 per share. The Board also approved a new share repurchase program of $15 billion. The analyst flagged the prospects for the Comcast asset portfolio to moderately grow revenue and expand margin to support favorable free cash flow generation and elevated returns to shareholders. Financial growth will likely be second-half weighted given the anticipated revenue contributions from the Olympics and elections, Rollins said. Broadband revenue growth will come from