by Christopher Freeburn | August 2, 2012 11:50 am
Time Warner Cable (NYSE:TWC) announced on Thursday that it earned $452 million during the second quarter, up 7.6% from $420 million in the same period last year.
The cable TV and Internet service provider recorded quarterly revenue of $5.4 billion, a 9.3% increase over $4.9 billion in 2011. That narrowly beat analysts, who had forecast $5.39 billion, Fox Business noted. Adjusted EPS for the quarter was $1.48, which easily topped Wall Street forecasts of $1.39.
Investors like the news, sending Time Warner Cable shares up almost 2% in Thursday morning trading.
Expenses during the quarter rose to $1.1 billion, up 11.3% over 2011, due to rising programming fees and employee costs.
Company officials noted that the number of subscribers to its high-speed Internet service grew during the quarter, as did revenue per subscriber, as more people opted for premium-level service plans. That offset a decline in the number of subscribers to its video services.
The company said its residential service sales rose 7.4% to $4.6 billion compared to last year. Commercial sales jumped 28.5% to $464 million. Advertising revenue grew to $265 million, up 17.8% over last year.
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