UPDATE: Cablevision Q3 Earnings Beat Estimates

Cablevision Systems

reported better-than-expected earnings for the third quarter. However, the company lost subscribers in the quarter. The Bethpage, New York-based company reported a quarterly profit of $71.5 million, or $0.26 per share, versus a year-ago profit of $294.6 million, or $1.10 per share. The year-ago period results included $0.88 per share in income from discontinued operations. Its revenue gained 3.7% to $1.63 billion. However, analysts were projecting a profit of $0.18 per share on revenue of $1.61 billion. Cable net revenue rose 3.7% to $1.46 billion, while average monthly cable revenue per customer climbed 5.7% to $154.50 in the quarter. Lightpath net revenue gained 6.3% to $87.9 million in the quarter. The company's total customers fell to 3.2 million, a 36,000 drop versus the year-ago period. Cablevision lost 56,000 video customers and 23,000 broadband customers during the quarter. Consolidated adjusted operating cash flow rose 6.9% to $471.7 million, while consolidated operating income jumped 12.0% to $252.4 million. Cablevision CEO James L. Dolan said: “Cablevision's third quarter results reflect a continuation of the strong financial performance that we delivered in the first half of the year. We have seen significant year-over-year improvements in revenue, AOCF, and free cash flow, and we are pleased with the results of our ongoing effort to transform the Optimum experience.” Cablevision shares declined 2% to $18.09 at 10:30 a.m. ET.