Time Warner Cable’s 4Q profit up 22 percent
Thursday, January 27, 2011
NEW YORK (AP) — Time Warner Cable says its fourth-quarter profit climbed 22 percent from a year ago as advertising and commercial subscription revenue rose. It is also lifting its quarterly dividend 20 percent to 48 cents per share.
The country’s second biggest cable company lost another 141,000 cable TV subscribers. Growth came instead from its high-speed Internet business. That’s likely to fuel speculation that video on the Web has begun to encroach on the cable industry.
Time Warner Cable Inc., based in New York, earned $392 million, or $1.09 per share. That compares with $322 million, or 91 cents per share, a year earlier. One-time items boosted results by 10 cents per share.
Revenue grew 6 percent to $4.8 billion.
Analysts surveyed by FactSet expected earnings per share of $1.01 on revenue of $4.76 billion.