On 27 July, NBCUniversal’s parent company, Comcast Corporation, reported its results for the quarter ending 30 June 2023. The company performed well over the last quarter, with much of this growth attributed to the success of both The Super Mario Bros. Movie and the Super Nintendo World lands at Universal Studios Japan and Universal Studios Hollywood.
“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 financial performance was excellent and included a double-digit increase in Adjusted EPS and significant free cash flow generation,” said Brian L. Roberts, chairman and chief executive officer of Comcast Corporation.
“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.”
Strong growth in Universal theme parks
Comcast Q2 results show that its content & experiences adjusted EBITDA increased by 7.5% to $2.2 billion, driven by studios and theme parks. In addition, the company’s theme parks adjusted EBITDA increased by 32% to $833 million, which is its highest adjusted EBITDA on record. This reflects growth at Universal Beijing, Universal Japan and Universal Hollywood, compared to the prior year period
In a presentation to investors on 2Q 2023, the company said that Super Nintendo World contributed to record quarters at Universal Japan and Universal Hollywood. Universal Japan in Osaka has continued to rebound, delivering a record level of adjusted EBITDA for a second quarter. In the US, Universal Studios Hollywood had its best quarterly adjusted EBITDA ever.
Money is also being invested in the new Epic Universe project. Content & Experiences’ capital expenditures increased by 74.1% to $809 million, reflecting increased investment in constructing the new theme park in Orlando, which is expected to open in 2025. In January 2023, Universal also announced plans for a new family-friendly theme park resort in Texas.
The results announcement for Q2 2023 follows strong first-quarter results, announced in April, when executives said the segment is “clearly on a roll”.
