Time Warner Cable 2nd-quarter profit rises
NEW YORK — Time Warner Cable Inc., one of the nation’s biggest cable TV system operators, said Wednesday higher subscription revenue helped boost its second-quarter profit by 14 percent, beating Wall Street expectations.
Quarterly profit rose to $316 million, or 89 cents per share, in the three months ended June 30, up from $277 million, or 85 cents per share, a year ago.
Excluding restructuring and separation related costs and other one-time items, it says net income totaled 91 cents per share. That tops the 78 cents a share analysts polled by Thomson Reuters, on average, expected.
Revenue rose 4 percent to $4.47 billion — up from $4.3 billion a year ago and above the $4.44 billion analysts expected. Subscription revenue rose 6 percent.
But its shares fell 56 cents, or 1.7 percent, to $33.33 in morning trading.
Video revenue rose 3 percent to $2.7 billion, boosted by video-price increases and higher digital video subscribers, partly offset by a year-over-year decline in basic video subscribers and premium channel subscribers.
High-speed data revenue rose 9 percent to $1.1 billion helped by new subscriptions. Voice revenue grew 19 percent to $471 million as digital phone subscribers grew, offset by lower average revenue per subscriber.
Advertising revenue fell 25 percent to $174 million.
Media conglomerate Time Warner spun off Time Warner Cable Inc. in March. Time Warner also reported earnings on Wednesday. Its profit fell 34 percent as revenue from its publishing, movie and online properties fell 9 percent.
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