Comcast Reports 'Strong' 4Q Results, Issues Warning

Comcast Corporation today reported results for the quarter and year ended December 31, 2019.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We delivered strong operational and financial results in the fourth quarter, capping another great year for Comcast, including double-digit growth in full-year adjusted EPS, record free cash flow and 1.4 million broadband net additions in the U.S. Our teams at Cable, NBCUniversal and Sky continued to execute at a high level, strengthening our leadership position in our markets.

"Looking ahead, in 2020 we are leaning into exciting opportunities, including: further differentiating our broadband product in the U.S. through innovations like Flex and xFi Advanced Security; accelerating the deployment of Sky Q; launching a new broadband service in Italy; debuting Super Nintendo World at Universal Studios Japan; and introducing a world-class streaming service - Peacock - which leverages capabilities from across Comcast. Underscoring our confidence in the continued success of our company, we are pleased to announce a 10% increase in our dividend, our 12th consecutive annual increase."

Full Year 2019 Highlights:

• Consolidated Adjusted EBITDA Increased 13.6%; Earnings per Share Increased 14.7% to $3.13, on an Adjusted Basis; Generated Free Cash Flow of $13.4 Billion
• Cable Communications Adjusted EBITDA Increased 7.3% and Adjusted EBITDA per Customer Relationship Increased 3.5%
• Cable Communications Total Customer Relationships Increased by 1.1 Million, the Best Result on Record; Total High-Speed Internet Customers Increased by 1.4 Million, the Best Result in 12 Years
• NBCUniversal Filmed Entertainment Adjusted EBITDA Increased 13.5%
• Sky Adjusted EBITDA Increased 7.1% on a Pro Forma Basis to $3.1 Billion; Excluding the Impact of Currency, Adjusted EBITDA Increased 12.2% on a Pro Forma Basis

4th Quarter 2019 Highlights:

• Consolidated Adjusted EBITDA Increased 3.0%; Earnings per Share Increased 9.7% to $0.79, on an Adjusted Basis; Generated Free Cash Flow of $2.5 Billion
• Cable Communications Adjusted EBITDA Increased 5.4%
• Cable Communications Total Customer Relationship Net Additions were 372,000, the Best Quarterly Net Additions on Record; Total High-Speed Internet Customer Net Additions were 442,000
• NBCUniversal Broadcast Television Adjusted EBITDA Increased 14.2%
• Sky Total Customer Relationships Increased 1.7% Year-Over-Year to 24.0 Million, Including Net Additions of 77,000 in the Quarter

Comcast reversed earlier pre-market gains and turned lower before the bell and has come out of today's open down 3% after warning of more video subscriber losses this year.