That’s pretty incredible, when you figure that revenues were down double digits due to the lack of the Olympic Games on NBC, but cable network revenues were up and even the TV side was more profitable, so operating cash flow (OCF) was up for NBCUniversal in its first quarter under new parent Comcast.
As for all of Comcast, the cable giant saw revenues grow 31.8% to $12.13 billion in Q1, including two months of NBCU ownership. OCF gained 14.1% to $4.07 billion.
NBCU pro forma revenues were down 14.5% to $4.35 billion. Excluding the Olympics, though, they were up 5.2%, Comcast said in its quarterly release. Although the financial results were issued after the market closed on Tuesday, the quarterly conference call with Wall Street analysts will be Wednesday morning. NBCU pro forma OCF rose 4.9% to $496 million.
Here’s what Comcast had to say about the performance of the segments of NBCU of most interest to RBR-TVBR readers:
For the first quarter of 2011, revenue from the Cable Networks segment increased 13.3% to $2.0 billion compared to $1.8 billion in the first quarter of 2010. First quarter Operating Cash Flow increased 7.2% to $817 million compared to $762 million in the same period last year. These results reflect strong performance across our networks led by our RSNs, Bravo, USA and E!, partially offset by new investments in programming, advertising and promotion.
For the first quarter of 2011, revenue from the Broadcast Television segment decreased 34.9% to $1.4 billion compared to $2.1 billion in the first quarter of 2010 due to $782 million of revenue generated by the 2010 Vancouver Olympics. Excluding the impact of the Olympics, revenue increased 4.3% reflecting higher advertising revenue. First quarter Operating Cash Flow was $20 million compared to a loss of $182 million in the same period last year. Excluding the $223 million loss from the Olympics, Operating Cash Flow declined from $41 million to $20 million, primarily reflecting increased programming investment.”
Also at NBCU, filmed entertainment revenues were down 8.2% to $975 million, with negative OCF growing to $146 million from $12 million, and theme parks revenues rose 16.1% to $95 million, with OCF flipping to a positive $41 million from a negative $5 million a year earlier.