Charter Communications, the US telco, has reported financial and operating results for the three and nine months ended September 30th 2013.
Third quarter revenues of $2.1 billion grew 5.4 per cent on a pro forma basis as compared to the prior-year period, led by growth in video, Internet and commercial revenues. On an actual basis, third quarter revenue rose 12.7 per cent, driven primarily by the acquisition of Bresnan, which closed on July 1st 2013.
Pro forma for the acquisition of Bresnan, total residential customer relationships grew by 46,0002 during the quarter, versus 24,000 during the third quarter of 2012. Residential primary service units (PSUs) increased by 100,000 during the period, versus 60,000 in the year-ago quarter.
Third quarter residential revenues grew 5.1 per cent on a pro forma basis versus the third quarter of 2012, when residential revenues grew by 1.6 per cent on a pro forma basis.
Commercial revenues grew 20.4 per cent on a pro forma basis versus the prior-year period, primarily driven by higher sales to small and medium businesses and to carrier customers. Pro forma for the acquisition of Bresnan, commercial customer relationships grew by 12,000 in the third quarter of 2013, compared to a gain of 9,000 during the third quarter of 2012.
“We continue to execute well on our strategic objectives, and that’s evidenced in the solid revenue and Adjusted EBITDA growth we delivered in the third quarter,” said Tom Rutledge, President and CEO of Charter Communications. “We’ve greatly improved the competitiveness of our product offering and the value we deliver to customers, which is driving growth in both our residential and commercial businesses. We are backing up our product with substantially improved service levels, an area where we will continue to invest to drive even better quality. As we head into 2014, we believe Charter is in an increasingly strong position to grow both its market share and cash flow as we accelerate our all-digital program, begin to roll out new products and take full advantage of our superior network.”