Time Warner Cable Revenue Up 5.4% In Q1
By: Mike Sachoff
Time Warner Cable posted a first-quarter 30 percent increase in profit driven by the strong growth of its Internet, phone and digital cable customers.
Revenue increased by 5.4 percent to $4.6 billion during the quarter. Profit was 82 cents a share, beating analysts estimates of 74 cents on average, according to a consensus forecast from Thomson Reuters.
First quarter net income was $214 million, or 60 cents a share, compared with $164 million or 48 cents a share for the same time period the previous year.
Free cash flow for the quarter increased 77.7 percent to $652 million from $367 million a year earlier.
"We're off to a great start in 2010," said Glenn Britt, Chief Executive Officer, Time Warner Cable. "Through product enhancements, more effective marketing and cost management, we drove profitable first-quarter growth even in the face of more intense competition."
"We also paid our first regular dividend and reduced our leverage to our target on the timetable we promised more than a year ago. Our accomplishments in the first quarter demonstrate our commitment to providing innovative and increasingly valuable services to our customers, generating free cash flow and making smart capital allocation decisions to provide attractive returns for our shareholders."
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Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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