Time Warner Cable Inc.'s (TWC) net income attributable to shareholders for its third quarter ended September 30, 2014 was $499 million or $1.76 per share, down from $532 million or $1.84 per share in the third quarter of 2013.
Adjusted net income attributable to shareholders were $527 million and $1.86 per share compared to $489 million and $1.69 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.91 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted earnings per share for the third quarter of 2014 benefited year over year from lower average common shares outstanding as a result of share repurchases under the Company's stock repurchase program prior to its suspension in February 2014 in connection with the announcement of the Company's merger with Comcast.
Time Warner Cable Chairman and CEO Rob Marcus said, "We're executing well against our plan, with solid financial performance and strong subscriber momentum. We continue to expect the Comcast merger to close early in 2015."
Revenue for the quarter grew to $5.714 billion from $5.518 billion in the previous year. Wall Street analysts had a consensus revenue estimate of $5.75 billion.
For comments and feedback contact: editorial@rttnews.com
Business News