Time Warner Cable Sees Profits Rise in Q2, But Misses Revenue Projections

Mixed picture for the country's second largest cable operator

Time Warner Cable saw revenues climb 2.7 percent to $5.5 billion while profits rose 14.2 percent to $1.69 per share for the second quarter of 2013.

Despite those gains, the cable company's revenues fell short of Wall Street's projections even as its earnings topped estimates. Analysts had anticipated revenues of  $5.58 billion for the quarter and earnings per share of $1.66.

Time Warner reported its second quarter results while locked in a fierce dispute with CBS Corp. about the fees it will pay to carry popular cable channels like Showtime. If an agreement is not reached, it could result in a programming blackout.

Net income at the company hit $481 million, a 6.4 percent rise from the same quarter the previous year.

In what is historically a weak period for cable operators, Time Warner shed 191,000 residential video subscribers during the quarter. It did see improvements in its high-speed internet business, however, adding 8,000 residential broadband subscribers to its rolls.

It also was able to wring more money out of its broadband operations after increasing cable-modem rental fees. Revenue in the division climbed more than 12 percent to $1.42 billion.