Sylvain Gaboury/PatrickMcMullan.com/Sipa Press/Newscom
Cable giant Time Warner Cable on Monday reported improved third-quarter financials driven by continued broadband subscriber growth, higher political advertising revenue and a recent acquisition.
The company's third-quarter adjusted earnings increased 19.7 percent to $438 million. Operating profit climbed 9.2 percent to $1.09 billion. Excluding certain one-time benefits though, a $15 million increase in pension expense and higher merger-related and restructuring costs left the bottom line below Wall Street expectations though.?
Revenue also rose 9.2 percent to $5.4 billion, including a 22.2 percent increase in ad revenue to $264 million driven by the U.S. elections on Tuesday.
TWC, the second-largest U.S. cable operator, lost 140,000 pay TV subscribers in the latest quarter to end September with 12.16 million. In the year-ago period, it had lost 126,000 video subscribers. But the company signed up 98,000 new broadband Internet customers, compared with 105,000 in the year-ago period, and 14,000 telephony users, compared with 5,000 in the year-ago quarter.
?Our third-quarter results were good, with most trends similar to the preceding quarter," said TWC CEO Glenn Britt. "Our operating results were driven by continued strong performance in residential high-speed data and business services, an acceleration in high-margin political advertising and the contributions from our [acquired] Insight systems."
Email: Georg.Szalai@thr.com
Twitter: @georgszalai
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Source: http://www.hollywoodreporter.com/news/time-warner-cable-third-quarter-earnings-400186
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