Time Warner Cable Profit Beats as Demand for Data Services Rises

By FOXBusiness

Time Warner Cable (NYSE:TWC) posted a 19.5% rise in profit for the first quarter, with $479 million in net income. The second-largest U.S. cable operator reported earnings of $1.70 per share, beating analyst estimates of $1.68.

Revenue came in at $5.58 billion, a 2% rise from last year. Wall Street had been expecting $5.64 billion in sales.

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Business services saw strong growth, with a 24.4% rise in sales. The division showed significant increases in high-speed data and voice subscribers.

TWC’s residential subscriber performance was the best in five years, the company said. The residential division also showed strong growth in high-speed data and voice customers.

“These results underscore our commitment to deliver on our financial and operating plan,” said CEO Rob Marcus, in a statement. “I’m very pleased with our performance this quarter.”

Time Warner Cable agreed in February to be acquired by Comcast (NASDAQ:CMCSA) for $45 billion in stock. The deal is undergoing antitrust review, which could take all year.

The company returned $422 million to shareholders this quarter, through dividends and share repurchases.

TWC shares are up slightly on Thursday, hovering around $141.

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