Comcast Profits Jump 80% on Revenue Growth and One-Time Gain

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Comcast Profits Jump 80% on Revenue Growth and One-Time Gain

5:40 am on April 27, 2007 | Category: Business, Telecom Services, Telephone, Internet, Television, Corporate

Comcast Corp., America’s largest cable company, reported an 80% increase in first quarter profit yesterday, fueled by ongoing subscriber growth, as well as a one-time $300-million gain from dissolving its Texas/Kansas cable system partnership with Time Warner.

Comcast’s Q1 results were slightly better than analysts predicted, with net profit rising to $837-million, or $0.26/share, compared to $466-million in the first quarter of 2006. Wall Street had projected a quarterly profit of $526.8-million, excluding the one-time $300-million windfall.

The cable giant saw a healthy increase in overall revenue, which rose 32% to $7.39 billion. Free cash flow was down, however, as the company spent heavily on delivering additional video and phone services to its subscriber base.