Comcast adds 315,000 Internet customers in third quarter

Comcast Corp. delivered strong third-quarter earnings by adding 315,000 high-speed Internet service customers -- surpassing analysts’ estimates for subscriber growth during the period.

The Philadelphia cable giant also shed fewer cable TV subscribers when compared to recent years. The company lost 81,000 video subscribers during the July through September quarter.

Wall Street closely monitors subscriber trends to gauge the overall health of the company -- and the entire pay-TV industry.

Comcast already is the nation’s largest cable operator. It is awaiting government approval of its $45-billion acquisition of Time Warner Cable, which would give Comcast nearly 30 million customers, including millions in the nation’s largest markets of Los Angeles, New York and Chicago.

Comcast Chief Executive Brian Roberts said Thursday that the government’s review of Comcast’s Time Warner Cable purchase was proceeding.

The company anticipates completing that transaction in early 2015.

For the quarter ended Sept. 30, Comcast’s net income increased to $2.59 billion, or 99 cents a share, compared to $1.73 billion, or 65 cents, a year earlier.

Adjusted earnings came in at 73 cents a share -- beating analysts’ estimates of 71 cents a share.

Comcast revenue was up 4% to $16.79 billion.

“Each quarter it seems that they are consistently delivering improvements in areas where they said they would try to improve,” Dave Heger, senior equity analyst with Edward Jones & Co., said in an interview.

Comcast’s NBCUniversal media company posted strong third-quarter results, with continued revenue gains at the NBC broadcast network and its Universal Studios theme park unit.

“They have really turned around NBC, and that’s where the upside is in terms of boosting profitability,” Heger said. “They are executing on their strategy.”

NBCUniversal’s overall revenue increased 1.2% to $5.92 billion. Its operating cash flow jumped 13.3% to $1.42 billion.

The NBC broadcast division increased revenue nearly 8% to $1.77 billion. The flagship NBC network finished the most recent TV season in first place in the coveted advertising demographic of viewers aged 18 to 49 -- NBC’s best result in 10 years.

Theme parks also delivered 19% revenue growth, to $786 million. The company is generating record ticket sales this year, in large part because of the popularity of “The Wizarding World of Harry Potter” attraction in Orlando, Fla.

“The investments we have made in the businesses are paying off,” Roberts said.

Revenue from cable networks, including USA, Bravo and CNBC, was up nearly 1% to $2.26 billion. Advertising revenue fell about 5% because of declining ratings at its general entertainment networks.

Los Angeles-based Universal Pictures film studio witnessed a 15% drop in revenue to $1.2 billion because of lower box office results. The studio had tough comparisons because last year it was riding high with the blockbuster animated hit “Despicable Me 2.”

Comcast’s core business continues to be its cable TV, broadband Internet and telephone service packages.

Revenue in that realm rose 5.2% to $11 billion. Operating cash flow was up 5% to $4.46 billion.

Comcast said the continued rollout of its premium packages of television, telephone and Internet service has helped to reduce subscriber churn. Two thirds of Comcast’s customers take two or more of its services.

The company is particularly bullish on its latest premium product, the X1 entertainment operating system with cloud-based features.

Roberts said the company, once it completes its Time Warner Cable purchase, wants to introduce that product to its new markets, such as Los Angeles, “as fast as humanly possible.”

“It’s a game changer,” Roberts said.

Twitter: @MegJamesLAT