UPDATE: Cablevision Posts Upbeat Q2 Earnings, But Subscribers Decline
Cablevision Systems (NYSE: CVC) reported better-than-expected second-quarter earnings.
The company's total customers fell around 0.7% versus the first quarter to 3.2 million and dropped 1.8% y/y in the second quarter. Cablevision lost around 28,000 video customers in the quarter.
The Bethpage, New York-based company posted a quarterly profit of $94.2 million, or $0.35 per share, versus a year-ago profit of $135.4 million, or $0.51 per share. The year-ago results included income from discontinued operations of $0.41 per share. Its earnings from continuing operations surged to $0.34 per share from $0.11 per share.
Its revenue rose 3.7% to $1.63 billion. However, analysts were projecting a profit of $0.17 per share on revenue of $1.6 billion.
Its cable advertising revenue climbed 12%., while average monthly cable revenue per customer surged 5.5% to $152.72. Cable net revenue climbed 3.7% to $1.46 billion in the quarter, while Lightpath net revenue rose 6.7% to $88.0 million.
Cablevision's adjusted operating cash flow climbed 11%, while capital expenditure dropped 7.5%.
Cablevision CEO James L. Dolan said, "Cablevision generated solid financial results in the second quarter, including year-over-year growth in AOCF and free cash flow. We extended our track record of deploying product enhancements and measurably improving the Optimum customer experience.”
Cablevision shares fell 4.83% to $18.51 at 10:50 a.m. ET.
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