Comcast (CMCSA): An Unspectacular Quarter

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Analysts expected EPS of $.18 from Comcast (CMCSA) based on $7.76 billion in revenue.

For the third quarter, revenue moved up 21% to $7.781 billion. EPS hit $.18. Operating cash flow moved up 20% to $2.929 billion.

Comcast added 489,000 digital cable customers during the third quarter of 2007 compared to 559,000 digital cable customers added in the same quarter of 2006.  Basic cable subscribers decreased by 65,000 as compared to an 11,000 subscriber increase during the same period of the prior year.

The company added 662,000 Comcast Digital Voice (CDV) customers during the quarter. Phone revenue increased 86% to $472 million in the third quarter of 2007 from $253 million in 2006.

Capital expenditures increased 19% to $1.5 billion in the third quarter of 2007 compared to $1.3 billion in the same period a year ago.

Comcast’s Board of Directors has authorized a $7 billion addition to the existing share repurchase program. As a result, availability under the Company’s share repurchase program is $8.2 billion.

The company added that "while we remain focused on achieving our guidance, the more competitive environment and less-robust economy may have a slight impact on our full year operating results. Current forecasts indicate that consolidated Free Cash Flow will be at least 90% of 2006."

At $23.85, CMCSA shares trade near their 52-week low.

Douglas A. McIntyre