Comcast executives say
the opening of Volcano Bay water park is a big blast to the bottom line.
Comcast executives praised the opening of Volcano Bay water park in Orlando during a second-quarter earnings announcement that boosted its stock in early trading.
Theme-parks revenue increased 15.6 percent in the quarter and adjusted earnings before interest, taxes, debt, and amortizations grew by 17.3 percent, said the company, which owns Universal Orlando Resort parent NBCUniversal.
The theme-park results “reflect higher attendance and higher percapita spending and a favorable comparison in the quarter due to the timing of spring break vacations,” said Michael J. Cavanagh, who serves as Senior Executive Vice President and Chief Financial Officer of Comcast Corporation.
Growth was also spurred by the opening of Volcano Bay in Orlando, and by Harry Potter experiences in Hollywood and at Minion Park in Japan, Cavanagh said.
“Speaking from personal experience, I can say [Volcano Bay] is truly extraordinary,” said Comcast CEO Brian L. Roberts.
NBCUniversal reported growth in revenue of 17.3 percent and adjusted EBITDA growth of 22.6 percent.
Overall, Comcast said consolidated revenue increased 9.8 percent to $21.17 billion, up from $19.27 billion in the prior year period. Earnings per share increased 26.8 percent to 52 cents.
Comcast’s stock rose in early trading Thursday after the announcement, to $39.83, up by 48 cents or 1.22 percent, and closed the day at $39.43, or up by 8 cents and .2 percent over the previous close.
The tropical-themed Volcano Bay has been billed as a next-generation water park, largely because of its ride reservation system. It also has a signature 200-foot-tall faux volcano that’s home to water slides. Those include the Krakatau Aqua Coaster, which shoots visitors up in rafts before sending them on a descent.
NBCUniversal’s capital expenditures of $338 million were down 6.1 percent, reflecting continued investment at theme parks more than offset by the timing of real estate and infrastructure spending.
For the six months ended June 30, revenue from the theme-parks segment increased 12.5 percent to $2.4 billion compared to 2016, reflecting higher attendance and percapita spending.
For theme parks, adjusted EBITDA increased 12.3 percent to $948 million compared to 2016, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
Comcast reported that highspeed internet residential revenue grew 9.2 percent and that total customers Increased by 175,000.