Comcast's earnings are hurt little by slowdown

PHILADELPHIA — Promotional offers and higher cable television spending fueled the first-quarter profits of Comcast Corp., which showed limited effects from an economic slowdown.

The nation's largest cable operator posted a 12.5 percent decline in profits, but it was mainly due to one-time gains from the dissolution of cable partnerships. Excluding those gains, earnings actually rose by 9.5 percent.

Comcast also confirmed its financial outlook for 2008 despite economic headwinds.

Philadelphia-based Comcast posted net income of $732 million, or 24 cents per share, compared with $837 million, or 26 cents per share, in the quarter a year ago.

Excluding one-time gains, Comcast said quarterly profits were $588 million, or 19 cents per share, compared with $537 million, or 17 cents, last year.