TWC reports better-than-expected Q1 results
Revenue rose 5.4% to $4.6 billionNEW YORK -- Time Warner Cable, the second-largest U.S. cable operator, reported better-than-expected first-quarter results Thursday amid stronger subscriber and advertising trends. The news came a day after sector giant Comcast had posted strong results driven by similar trends.
TWC's profit of $214 million was up from $164 million in the year-ago period. Revenue rose 5.4% to $4.6 billion.
While it lost 42,000 video subscribers in the first quarter, less than some on Wall Street had projected, it added 212,000 high-speed Internet subscribers and 86,000 telephony customers.
Ad revenue rose from $145 million to $173 million.
"We are off to a great start in 2010," TWC chairman and CEO Glenn Britt said.
While TWC shares had a strong runup over the past year, Sanford C. Bernstein analyst Craig Moffett said Thursday he still likes them. He has an "outperform" rating on the stock.
"Despite the strong year-to-date rally, we continue to view TWC as the most attractive name in the cable space," he said.