UPDATE: Cablevision Q4 Profit Tops Views

reported better-than-expected earnings for the fourth quarter. The Bethpage, New York-based company posted quarterly earnings of $56 million, or $0.20 per share, compared to $51.8 million, or $0.19 per share, in the year-ago period. Its revenue gained 3% to $1.63 billion. However, analysts were expecting earnings of $0.19 per share on revenue of $1.63 billion. Cable advertising revenue climbed 9%, while net revenue from cable gained 3.1% to $1.45 billion. Lightpath net revenue climbed 6.2% to $90.3 million. Average monthly cable revenue per customer rose 5.3% to 155.20 in the quarter. Consolidated adjusted operating cash flow dropped 3.4% to $440.9 million, while consolidated operating income climbed 22.1% to $205.8 million in the quarter. As of December 31, 2014, total customers declined 2.2% to 3.1 million. Cablevision CEO James L. Dolan said, "Cablevision delivered strong financial results in 2014, with significant year-over-year increases in revenue, AOCF and free cash flow…As we look to 2015, we will continue to expand and improve connectivity inside and outside the home. The recent launch of Freewheel, our new all-WiFi data, talk and text service, is just one example of how we will serve the evolving needs of our customers while continuing to build the company for the long term." Cablevision shares rose 0.66% to $19.93 in pre-market trading.