Time Warner Cable (TWC) Loses Video Subs During Q2 But Beats the Street on EPS and Sales
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Price: $209.56 --0%
Financial Fact:
Diluted (in shares): 286.9M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Diluted (in shares): 286.9M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Time Warner Cable Inc. (NYSE: TWC) said Thursday that its profit in the second quarter increased as more people signed up for its digital cable television, Internet and phone services. The company also indicated that advertising revenue improved as well.
The second largest cable TV company in the U.S. reported quarterly earnings of $342 million or 95 cents per share, up from $316 million or 89 cents per share in the same quarter last year.
Revenue for Time Warner Cable rose 5.8 percent to $4.73 billion in the three month period ended June 30. TWC reported quarterly sales of $4.47 billion in Q2 of '09.
Analysts had predicted that the company would report earnings of 93 cents per share on revenue of $4.68 billion.
“I’m very pleased with our performance in the second quarter, highlighted by accelerated revenue growth in our advertising and commercial businesses, steady revenue increases in our residential subscription operations and particularly strong free cash flow growth,” Time Warner Cable Chief Executive Officer Glenn Britt said. “Through our consistent focus on the fundamentals – better understanding our customers’ needs and improving the efficiency of our operations – we continue to deliver attractive financial results and create value for our shareholders.”
The company said that it lost 111,000 video subscribers during the quarter, but added that of those that remained, 50,000 signed up for digital cable, as video revenue rose 2.8 percent to $2.78 billion.
Time Warner Cable added that Internet revenue rose 9.7 percent to $1.23 billion, while revenue from the company’s phone services rose by 7.2 percent to $505 million.
Shares of Time Warner Cable are down 33 cents to $58.69 today.
The second largest cable TV company in the U.S. reported quarterly earnings of $342 million or 95 cents per share, up from $316 million or 89 cents per share in the same quarter last year.
Revenue for Time Warner Cable rose 5.8 percent to $4.73 billion in the three month period ended June 30. TWC reported quarterly sales of $4.47 billion in Q2 of '09.
Analysts had predicted that the company would report earnings of 93 cents per share on revenue of $4.68 billion.
“I’m very pleased with our performance in the second quarter, highlighted by accelerated revenue growth in our advertising and commercial businesses, steady revenue increases in our residential subscription operations and particularly strong free cash flow growth,” Time Warner Cable Chief Executive Officer Glenn Britt said. “Through our consistent focus on the fundamentals – better understanding our customers’ needs and improving the efficiency of our operations – we continue to deliver attractive financial results and create value for our shareholders.”
The company said that it lost 111,000 video subscribers during the quarter, but added that of those that remained, 50,000 signed up for digital cable, as video revenue rose 2.8 percent to $2.78 billion.
Time Warner Cable added that Internet revenue rose 9.7 percent to $1.23 billion, while revenue from the company’s phone services rose by 7.2 percent to $505 million.
Shares of Time Warner Cable are down 33 cents to $58.69 today.
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