Tuesday, media and entertainment company Cablevision Systems Corp. (CVC) reported a surge in third quarter profit, reflecting a 5% growth in revenues.
The Bethpage, New York-based company's third quarter net income attributable to shareholders more than tripled to $98.94 million or $0.33 per share from $30.95 million or $0.10 per share in the same quarter last year.
For the current quarter, income from continuing operations increased to $98.59 million or $0.34 per share from $31.37 million or $0.10 per share in the year ago period.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter was up 5% to $1.84 billion from $1.75 billion in the prior year quarter.Analysts estimated the revenue to be $1.82 billion for the quarter.
On a segment basis, the company reported a 4.9% increase in revenue for its telecommunications services that includes cable television and lightpath services; revenue was up 3.5% for the rainbow division that includes AMC, WEtv and IFC services; Madison Square garden's revenue rose 0.6% and revenue for Newsday was 9% high.
Third quarter operating income increased to $381.64 million from $288.62 million in the comparable quarter last year.
For the nine months, net income attributable to shareholders surged to $207.16 million or $0.70 per share from $95.09 million or $0.32 per share in the prior year. Year-to-date revenue was up to $5.62 billion from $5.18 billion last year.
Cablevision said that it will complete the Madison Square Garden spin-off transaction by the year end.
CVC is currently trading at $23.80,up $0.53 or 2.28% on a volume of 2.42 million shares on the NYSE.
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