NEW YORK (AP) >> Time Warner Cable Inc.’s fourth-quarter profit climbed as it added a record number of subscribers, but its adjusted results missed analysts’ estimates.
The New York company earned $554 million, or $1.95 per share, for the period ended Dec. 31. A year earlier it earned $540 million, or $1.89 per share.
Earnings, adjusted for costs related to mergers and acquisitions, came to $2.03 per share.
The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.07 per share.
The cable company’s revenue rose to $5.79 billion from $5.58 billion. Analysts expected $5.8 billion, according to Zacks.
Time Warner Cable said its quarterly subscriber performance was the best in at least seven years for several categories. This includes 168,000 residential high-speed data additions and 67,000 total customer relationship additions. Its residential voice additions of 295,000 and residential triple play additions of 273,000 were the best fourth-quarter performances ever.
For the year, Time Warner Cable earned $2.03 billion, or $7.17 per share. That compares with $1.95 billion, or $6.70 per share, in the previous year.
Its adjusted profit was $7.56 per share.
Annual revenue increased to $22.81 billion from $22.12 billion.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TWC at http://www.zacks.com/ap/TWC
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Keywords: Time Warner Cable, Earnings Report
