Cablevision Beats Earnings Expectations Off Of 2-Year Subscriber High

Cable company adds 5,000 high-speed data customers

Cablevision (CVC) reported earnings for the second quarter on Friday, beating Wall Street expectations thanks to a two-year high in high-speed date subscribers.

The company delivered shares of $0.28 a share in the second quarter of 2015. The company produced revenue of $1.65 billion.

Cablevision’s net income fell significantly to $75.7 million, down from $94.5 million the year before.  Part of the loss was due to discontinued operations, as the company sold both Bresnan Broadband Holdings and Clearview Cinemas in 2013.

Still, the company beat Wall Street’s expectations of about $0.25 per share and matched expectations of $1.6 billion in revenue. It added 14,000 high-speed Internet customers, reaching 2.78 million at the end of June and had its best high-speed data performance in two years with 5,000 new customers.

“Cablevision continued to perform well in the second quarter, achieving growth in net revenue and revenue per customer,” CEO James Dolan said. “Over the past three years, we have transformed our company through strategic investments that have made our operations more efficient, increased the reliability and performance of our network and enhanced our products and the customer experience.”

A year ago, the company introduced video conferening under its flagship Lightpath suite of services. Lightpath is Ethernet-based and offers data, Internet, voice and video mobility for businesses. With the new service, the company targeted both middle and big-sized businesses.