TWC “pleasing Q1” as Comcast merger looms

twcTime Warner Cable has reported financial results for its first quarter ended March 31, 2014. Cable Chief Executive Officer Rob Marcus said: “Our residential subscriber growth was the best in five years and our business services revenue growth was close to 25 per cent. These results underscore our commitment to deliver on our financial and operating plan as we prepare for our merger with Comcast.”

Financial Highlights:
– First-quarter 2014 revenue grew 2.0 per cent year over year, driven primarily by growth of 24.4 per cent in business services revenue and 10.8 per cent growth in residential high-speed data revenue.
– Adjusted OIBDA increased 3.6 per cent to nearly $2.0 billion. Operating Income increased 3.0 per cent to nearly $1.1 billion.
– Adjusted Diluted EPS increased 26.2 per cent to $1.78. Diluted EPS increased 26.9 per cent to $1.70.
– First-quarter 2014 average monthly revenue per residential customer relationship (ARPU) grew 0.6 per cent to $105.45. Residential high-speed data ARPU increased 8.7 per cent to $46.32.

Operational Highlights:
– Overall first-quarter residential subscriber performance was the best in five years.
– Residential customer relationship net additions of 148,000 – most in over seven years
– Residential triple play net additions of 82,000 – most since first quarter 2012
– Residential high-speed data net additions of 269,000 – most since first quarter 2008
– Residential voice net additions of 107,000 – most since first quarter 2012
– Residential video net loss of 34,000 – least in five years
– “TWC Maxx” rollout, including high-speed data speed increases to as much as 300 Mbps, has now begun in parts of New York City and Los Angeles.
– TWC’s cloud-based guide with an advanced VoD portal was installed on 4.3 million set-top boxes at the end of the first quarter.
– IntelligentHome net additions of 13,000 marked the best quarter ever; 57,000 customers at the end of the first quarter.

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