Time Warner Cable’s third quarter earnings proved to be a mixed bag when the results came out on Thursday morning — but the news was more good than bad.
The company missed analysts’ mark on revenue, though sales rose 3.6 percent from the comparable three-month period in 2014. Profit, however, was down.
Wall Street had forecast earnings per share of $1.57 on revenue of $5.96 billion, per Yahoo Finance. Zack’s saw the EPS coming in two pennies lower.
Basic and diluted earnings both clocked in at $1.53, though that rose to a better-picture $1.62 apiece with some adjustments.
So what is the general positivity stemming from? Time Warner Cable touted its best-ever Q3 customer relationship net additions over the 90-days measured, providing a jolt for Chairman and CEO Rob Marcus.
“I’m very excited about the operating momentum reflected in our third-quarter results. Subscriber growth was the strongest in years; revenue growth accelerated; and we continued to make significant investments in our network, equipment, products and customer service,” he said. “Our ongoing transformation is a testament to the strength of our operating plan and the commitment of our entire team — all 55,000 employees — who work tirelessly every day to make Time Warner Cable an even better company.”
TWC stock closed Wednesday at $185.25 per share, up $1.90 or 1.04 percent. Later, when the U.S. stock markets open, company stock jumped on the positive subscriber news.
In May, Charter Communications announced it was buying Time Warner Cable for $78.7 billion.