Cable margin drives Q2 beat, broadband strong
A solid set of results. Investors will take heart at the strong broadband add figure of 260k, well above the 191k consensus and last year's 175k. Given single play subs rose 8.8% YoY vs. +7.1% in Q1, it seems the improvement is coming from better standalone broadband adds, which would reflect a change in Comcast's strategy. We would have thought wireless would have led to better a double play figure which was up just 1%. Wireless figures will not be released until the call. Overall, revenue was 1% light due to low film and parks results but total EBITDA growth of 7% beat the 4% cons due to lower advertising and other costs. EPS was $0.65 vs. the $0.60 cons.Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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