Earnings Call Excerpt
Comcast Corporation (CMCSA)
Q2 2008 Earnings Call
July 20, 2008 8:30 am ET
Executives
Marlene S. Dooner – Senior Vice President Investor Relations
Brian L. Roberts – Chairman of the Board, President & Chief Executive Officer
Stephen B. Burke – Chief Operating Officer, Executive Vice President
Michael J. Angelakis – Chief Financial Officer
Analysts
Jessica Reif-Cohen – Merrill Lynch
Craig E. Moffitt – Sanford C. Bernstein & Co.
Benjamin Swinburne – Morgan Stanley
John Hodulik – UBS
Ingrid Chung – Goldman Sachs
V.J. Giant – Lehman Brothers
Doug Mitchelson – Deutsche Bank Securities
Brian Goldberg – JP Morgan
Presentation
Operator
Welcome to Comcast’s second quarter 2008 earnings conference call. (Operator Instructions) I will now turn the call over to Senior Vice President Investor Relations, Marlene Dooner.
Marlene S. Dooner
Welcome everyone to our second quarter 2008 earnings call. Joining me on the call are Brian Roberts, Steve Burke and Michael Angelakis. Before we start, let me refer everybody to Slide Two which contains our Safe Harbor disclaimer and remind you that this conference call includes forward-looking statements subject to certain risks and uncertainties. In addition, in this call we will refer to certain non-GAAP financial measures. Please refer to our press release for the reconciliation of non-GAAP financial measures to GAAP.
Now, for opening remarks I’ll pass to Brian Roberts for his comments.
Brian L. Roberts
We’ve delivered solid results in the second quarter as we continue to focus on our financial priorities and to execute well in an environment that continues to be challenging with the economy and competition. Michael and Steve will provide lots of detail on the call but, let me go through some highlights. In the second quarter apples-to-apples, we delivered revenue and OCF growth of 8%. For the first half of the year we are executing according to our plan with revenue growth of 9% and OCF growth of 10%. As revenue and units are growing more slowly, we are appropriate continuing to focus on expenses. The second quarter results include slightly higher cable margins even as we invest in marketing through businesses like CBV and business services and improving customer service.
Earlier this year, I outlined our commitment to improving the customer experience end-to-end, as one of our core key initiatives for the company, and we’re working hard on every aspect. While it’s still early, we’re starting to see some real benefit from these efforts and today and on future calls we will continue to update you on our progress.
- To read the full transcript on Seeking Alpha, click here »
