Super Bowl helps buoy profits at NBCUniversal
Comcast Corp.’s earnings jumped nearly 30% in its first quarter as more customers signed up for high-speed Internet service. But the cable Goliath also showed strength in some an unexpected quarters: the long-lagging NBCbroadcast unit and Universal Pictures, which released two hit movies, including “The Lorax.”
For the quarter ended March 31, the Philadelphia-based company said its net income grew to $1.22 billion, or 45 cents per share, from $943 million, or 34 cents per share, from the year-earlier period.
Comcast generated consolidated revenue of $14.88 billion -- an increase of 23%.
“I’m really pleased with our start in 2012,” Comcast Chief Executive Brian Roberts said in a Wednesday morning conference call with analysts. “Cable had another outstanding quarter.... We are starting to make some progress in broadcast.”
NBCUniversal revenue was up 18% to $5.5 billion, in large part because the NBC broadcast network raked in $259 million in Super Bowl advertising revenue. (Excluding the Super Bowl, revenue at NBCUniversal was up 12.4%).
Roberts reminded analysts that NBCUniversal results would be volatile because of the hit-and-miss nature of movie box office and higher television programming costs. Comcast has been spending more on programming to try to lift the peacock network to profitability.
-- Meg James, Los Angeles Times