Comcast Q2 2023 Results: Strong Performance of Theme Parks Division
(eap) For the second quarter of fiscal year 2023, which for Comcast Corporation ended on 30 June, the group reports successful results, especially for its theme park division. In fact, the company achieved the highest quarterly Adjusted EBITDA in this business unit to date.
Expressed in concrete figures, the Adjusted EBITDA increased by 32 percent to a total of 833 million US dollars (approx. 760 million euros). This result reflects growth at Universal Studios in Beijing, Japan and Hollywood compared to the same period of last year, when the adjusted EBITDA was 632 million US dollars (almost 577 million euros).
One of the currently strongest visitor magnets is the “Super Nintendo World” theme area at Universal Studios Hollywood, which opened ealier this year [here link to EAP-News v. 16.02.23], and which contributed significantly to this excellently rated quarterly result. Total revenues of the theme park division for Q2 2023 amount to a total of 2.2 billion US dollars (approx. 2 billion euros). In the same period of the previous year, these were 1.8 billion US dollars.
“The consistent investments we’ve been making in our growth businesses continue to generate strong results and position us extremely well both now and into the future. Second quarter operational and functional performance was excellent and included a double-digit increase in Adjusted EPS and significant free cash flow generation,” said Brian L. Roberts, Chairman and CEO of Comcast Corporation, and continued, “This quarter contained a number of highlights and notable achievements. We not only continued to deliver solid revenue growth in our connectivity businesses but also expanded our Adjusted EBITDA margin at Connectivity & Platforms. We generated the best quarterly Adjusted EBITDA ever at Theme Parks, had the second-highest grossing animated film of all time in worldwide box office revenue with Super Mario Bros., and nearly doubled paid Peacock subscribers year-over-year. At the same time, we returned a healthy amount of capital to shareholders and maintained an enviable balance sheet. Our experienced and expert management team is executing at an exceptional level, and our long-term-oriented growth strategy is clearly working.”
One of the next major milestones in the growth strategy for the theme park division is the completion of the all-new theme park destination Epic Universe in Orlando (FL). ■
