Time Warner Cable Profit Slides 19%, Misses Forecasts

Time Warner Cable Inc. said on Thursday second-quarter profit dropped to $463 million, or $1.62 a share, from $499 million, or $1.76 a share, in the same period a year ago. Adjusted earnings dropped 19% to $1.54 a share, missing forecasts of a $1.80-a-share profit. The cable-TV provider said the slide in earnings was mainly because of a drop in operating income and an increase in tax provision, as well as merger-related costs. Revenue for the period rose 3.5% to $5.93 billion, broadly in line with estimates of $5.94 billion.