Charter Communications moves to profit in 4Q
STAMFORD, Conn. (AP) — Charter Communications Inc., the unsuccessful bidder for rival cable provider Time Warner Cable, moved to a profit for its fourth quarter.
It added 93,000 home Internet customers, up from 59,000 a year ago. It lost 2,000 video subscribers compared with a loss of 36,000 a year ago. The company benefited from gaining customers in last summer's acquisition of Bresnan, a former unit of Cablevision.
Cable companies are consolidating to cut costs and grow their numbers of Internet and TV customers.
Charter had been trying to buy Time Warner Cable, but was trumped earlier this month by Comcast, whose $45.2 billion offer bested Charter's $38 billion bid.
Some analysts have suggested that Charter could buy cable systems that Comcast may have to sell to clear the deal with regulators.
Charter earned $39 million, or 35 cents per share, for the period that ended Dec. 31 versus a loss of $40 million, or 41 cents per share, in the prior year. Revenue increased 12 percent, to $2.15 billion from $1.91 billion. Analysts polled by FactSet were anticipating revenue of $2.17 billion.
Shares fell $6.76, or 5.1 percent, to close at $125.08.