Time Warner Cable Inc. (TWC) Thursday posted a jump in fourth-quarter profit to $564 million, or $1.75 per share, from last year’s $392 million, or $1.09 per share. Excluding one-time items, earnings per share climbed to $1.39 from 99 cents, beating Thomson Reuters estimated earnings of $1.20 per share.
TWC additionally posted a 4 percent rise in revenue to $5 billion, topping analysts’ average estimate of $4.97 billion, according to Thomson Reuters I/B/E/S.
The nation’s second-largest cable television provider said it lost 129,000 video subscribers during the fourth-quarter of 2011 but offset that by adding others in high-speed data and voice, making for a solid quarter ending the year with 14.5 million customers.
CEO Glenn Britt of the company’s gains:
“Time Warner Cable’s 2011 results demonstrate the continued strength of our business amidst rapid change in technology and the consumer marketplace.”
Last quarter was marked by a carriage battle with New York’s MSG Networks. As of the first of this year, Knicks, Rangers and Devils games have gone dark for TWC subs and the two companies remain in a standoff.
Residential services revenues increased 2.6% year-over-year to $4.3 billion; Video revenue was flat, offset by growth in high-speed data and phone service.
Business services revenues grew 37% to $409 million.
Advertising revenue decreased 10% to $242 million primarily as a result of a year-over-year decline in political advertising revenues, the company said.
Time Warner Cable returned $3.3 billion worth of stock to shareholders during the full year in stock repurchases and dividends. It said its board has replenished its share repurchase authorization to $4 billion effective today.