REUTERS

(REUTERS)

Time Warner Cable's Results Top Estimates

Industries Reuters

Time Warner Cable, which is being bought by Charter Communications, reported better-than-expected profit and revenue for the fourth quarter as it added more residential video customers.

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Time Warner Cable said it added 54,000 residential video customers in the quarter, in line with estimates at FactSet StreetAccount.

High-speed data subscribers' additions rose 21 percent to 281,000 from the third quarter.

The numbers are in contrast to the trends in the preceding quarter, when cable companies grappled with declining subscriber numbers as viewers shifted to cheaper and more flexible streaming services offered by Netflix Inc and others.

Time Warner Cable said revenue rose 4.9 percent to $6.07 billion in the fourth quarter, from $5.79 billion a year earlier.

Net income attributable to common shareholders fell to $486 million, or $1.70 per share, in the quarter ended Dec. 31, from $554 million, or $1.95 per share.

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On an adjusted basis, Time Warner earned $1.80 per share.

Analysts on average had expected a profit of $1.78 on revenue of $6.05 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Alan John Koshy in Bengaluru; Editing by Maju Samuel)