Comcast Q3 2022 Earnings Show Universal Orlando Had It's Most Profitable Quarter In It's History

This morning, Thursday, October 27, 2022, Universal Orlando Resort's owners Comcast released their Q3 2022 Earnings Report, which shows that Universal's theme parks division, and in particular the US domestic parks, continue to see very strong demand,.

The theme park division, brought in a healthy $1.44 billion in third-quarter 2021, up 276% from $385 million for the same period last year.

Most notably, Universal Orlando led the company's theme park division with its most profitable quarter in its history, "despite having virtually no international guests" due to Covid travel restraints, said Comcast CEO Brian Roberts, during the Oct. 28 earnings call.

"Theme Parks delivered its most profitable quarter since the first quarter of 2020, driven by Universal Orlando..."

We have highlighted the section of the report that focuses on Comcast's theme parks figures:

"Theme Parks revenue increased 42.4% to $2.1 billion in the third quarter of 2022, reflecting increased attendance and guest spending at our parks in the U.S. and Japan compared to the prior year period, and an increase from the operations of Universal Beijing Resort, which opened in September 2021. Theme Parks Adjusted EBITDA increased 88.6% to $819 million in the third quarter of 2022, reflecting higher revenue, partially offset by higher operating expenses. The prior year period included pre-opening costs related to Universal Beijing Resort."

"For the nine months ended September 30, 2022, revenue from the Theme Parks segment increased 71.6% to $5.4 billion, primarily reflecting improved operating conditions compared to 2021, when each of our theme parks in the U.S. and Japan was either operating at limited capacity or closed during certain periods as a result of COVID-19, as well as the operations of Universal Beijing Resort, which opened in September 2021. Adjusted EBITDA increased $1.3 billion to $1.9 billion, reflecting higher revenue, partially offset by higher operating expenses."