Q4 HSD beat, NBCU/wireless drive EBITDA miss

Cable revenue was slightly light at +3% (cons. +4%) as customer relationship ARPU rose 0.6% (AE 0.8%) but volume was ahead with broadband adds of 350k (cons. 312k) and video losses of 33k (cons. -45k). Cable EBITDA growth of 4% was in line and reflected solid cost control while NBCU fell short with EBITDA up 6% (cons. +8%). Broadcasting was the main driver of this with advertising down 5% (AE -4%). Overall EBITDA was flat (cons. +3%) reflecting NBCU together with Corporate and Elims where losses came in at $538m (AE $336m). Wireless is situated within this line item and the miss likely reflects start up losses. EPS of $0.49 was $0.02 ahead on higher than expected equity earnings. Separately, a 21% dividend increase and $5bn buy back in 2018(AE $6bn) were announced.