Comcast Corporation (NASDAQ: CMCSA) stock fell over 1.3% on Jan 29th, 2021 (as of 10:30 am GMT-5 ; Source: Google finance) after the company posted lower than expected results for the fourth quarter of FY 20. For the fourth quarter, NBCUniversal revenue declined 18% to $7.5 billion and EBITDA decreased 21% to $1.6 billion. Cable Networks revenue was down 6.4% in the fourth quarter, driven by a 38% decline in content licensing and other revenue while distribution revenue was flat compared to a year ago, driven by the absence of carriage renewals combined with modest sequential improvement in subscriber losses. The delay to the start of the NBA and NHL seasons had a negative impact on the advertising revenue, which declined 4.2% while the related shift of sports rights amortization out of the quarter was a benefit to EBITDA which grew 22% year-over-year. Broadcast, revenue fell 12% in the fourth quarter driven by a 39% decline in content licensing and a 9.6% decline in advertising revenue partially offset by another quarter of double-digit increases in retransmission consent fees. Filmed Entertainment revenue fell 8.3% and EBITDA increased 65% to $151 million for the fourth quarter. Theatrical revenue fell 70% due to theaters being either closed or operating at limited capacity while content licensing increased 23% driven by PVOD.
CMCSA in the fourth quarter of FY 20 has reported the adjusted earnings per share of 56 cents, while reported 2.4 percent fall in the adjusted revenue to $27.71 billion in the fourth quarter of FY 20. Adjusted EBITDA declined 15% to $7.2 billion for the fourth quarter. COVID-related severance and restructuring charges were $590 million in the fourth quarter. The company continues to expect that EBITDA losses for 2020 and 2021 combined for Peacock will total roughly $2 billion.
Additionally, the company paid dividends of $1.1 billion for the fourth quarter of 2020. The company has now increased its dividend by $0.08, or 9% year-over-year, to $1.00 per share on an annualized basis for 2021. In accordance with the increase, the company has declared a quarterly cash dividend of $0.25 per share on the company’s stock, payable April 28, 2021 to shareholders of record as of the close of business on April 7, 2021.