Comcast Profit Surges After NBC Comeback, Asset Sales

Comcast, the largest U.S. cable company and the majority owner of NBC, said third-quarter profit more than doubled, boosted by advertising revenue, the sale of assets and fewer subscriber losses.

Net income climbed to $2.11 billion, or 78 cents a share, from $908 million, or 33 cents, a year earlier. Excluding some one-time gains, profit was 46 cents a share, in line with the average analyst estimate compiled by Bloomberg. Sales rose 15 percent to $16.5 billion, beating the average estimate of $16.1 billion. Comcast has upgraded its video services and broadband speeds and produced ratings gains at the once-struggling NBC, which drew more viewers age 18 to 49 in the first few weeks of the new season. A revival of the network would help Chairman and Chief Executive Officer Brian Roberts capitalize on his $13.8 billion gamble on NBC Universal. NBC’s rights to televise the London Olympics in the U.S. helped the broadcaster double its ad revenue in the quarter to almost $2 billion. Comcast also is benefiting from the sale of assets, such as a stake in A&E Networks that it agreed to sell for $3.03 billion. That deal added 12 cents a share to earnings in the quarter, Comcast said. A sale of wireless spectrum to Verizon Wireless generated 20 cents a share in the period. In that transaction, Verizon agreed to pay $3.6 billion for airwaves from a group of cable companies led by Comcast. The deal won government clearance in August.