Time Warner Cable Revenue and Profit Better Than Expected
28 Aprile 2016 - 1:13PM
Dow Jones News
By Joshua Jamerson
Time Warner Cable Inc., which is set to merge with Charter
Communications Inc. following regulatory approval this week, posted
better-than-expected profit and revenue in the first quarter on
residential and business subscribers growth.
Chief Executive Rob Marcus said that the company's network has
become more reliable in the past few years and that first-quarter
results reflected that the company has "refined our marketing,
enhanced our sales channels and strengthened our retention
capability."
Federal regulators Monday moved to approve Charter's $55 billion
acquisition of Time Warner Cable -- but said the combined cable
giant would have to live under several stringent conditions that
single it out among industry rivals.
The New York cable company in May agreed to be acquired by
Charter Communications Inc. for $55 billion.
Time Warner Cable said it added 236,000 residential subscribers
in the March quarter, boosting revenue in the segment by 5.8% to
$4.93 billion. The company credited demand for high-speed data as
well as price increases and higher equipment charges.
Revenue from business services jumped 13%, also driven by
high-speed data. The company added 13,000 new business subscribers
during the quarter.
Over all, Time Warner reported a profit of $494 million, or
$1.72 a share, up from $458 million, or $1.59 a share, a year
earlier. Excluding certain items, earnings per share rose to $1.81
from $1.65.
Revenue increased 7.2% to $6.19 billion. Analysts expected $1.74
in adjusted per-share profit on $6.14 billion in revenue, according
to Thomson Reuters.
Time Warner attributed a 6.6% increase in expenses to higher
spending on programming, employee and insurance costs.
Shares in the company, up 32% over the past 12 months through
Wednesday's close, were inactive premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 28, 2016 06:58 ET (10:58 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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