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Earnings Roundup / Comcast

Cable provider's profit down 32%

February 19, 2009|Times Wire Reports

Comcast Corp., the nation's largest cable TV provider, said its fourth-quarter earnings fell 32%, hampered by a $600-million write-down of its investment in wireless technology provider Clearwire Corp.

Comcast's revenue and adjusted earnings beat Wall Street estimates, and the Philadelphia company raised its dividend 8%.

However, Comcast showed markedly slower growth in its video, high-speed Internet and phone businesses.

Comcast earned $412 million, or 14 cents a share, compared with $602 million, or 20 cents, a year earlier.

Excluding items such as the Clearwire charge, Comcast earned 27 cents a share, up 7 cents from the same quarter last year.

Analysts polled by Thomson Reuters had expected an adjusted profit of 22 cents a share. Comcast's revenue rose 9% to $8.77 billion, beating analyst forecasts of $8.64 billion.

Comcast shares fell 53 cents, or 4.1%, to $12.36.

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