Time Warner Cable Inc. (TWC) Thursday reported a higher first-quarter profit, as revenues grew about 7 percent, driven mainly by continued performance of Business services segment.
Chief Executive Officer Glenn Britt said, "Business Services continues to perform very well, generating 25% year-over-year revenue growth, and is on track for another terrific year. In Residential Services, we're executing on our revitalization plans to build a fundamentally stronger and more agile operation."
Business services revenue climbed 25.2 percent to $537 million, with 10.5 percent increase in Video, 23.1 percent growth in High-speed data and 52.4 percent surge in Voice. The company noted that Business services revenue growth was mainly due to increases in high-speed data and voice subscribers and growth in cell tower backhaul revenue.
Residential services revenue increased 4 percent to $4.61 billion, with 17.3 percent increase in High-speed data and 2.2 percent rise in Voice. Revenues from Video services declined 1.5 percent from last year.
Advertising revenue grew 8.1 percent to $228 million.
In the first quarter, net income attributable to shareholders increased to $401 million or $1.34 a share from $382 million or $1.20 a share in the previous year.
On an adjusted basis, net income attributable to shareholders was $423 million or $1.41 a share, benefiting from lower average common shares outstanding as a result of share repurchases under share repurchase program. Adjusted earnings in the prior year was $1.30 per share.
On average, 26 analysts polled by Thomson Reuters expected earnings per share of $1.38 for the quarter. Analysts' estimates typically exclude one-time items.
The providers of video, high-speed data and voice services said revenue for the quarter grew 6.6 percent to $5.48 billion, which was almost in line with analysts' estimate of $5.49 billion.
According to the firm, quarterly revenues benefited from two additional months of revenue from Insight Communications Co., acquired on February 29, 2012.
TWC closed Wednesday's regular trading at $92.73 on the NYSE.
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