Time Warner Cable Q2 Earnings Miss Views

reported weaker-than-expected earnings for the second quarter on Thursday. The New York-based company reported a quarterly profit of $463 million, or $1.62 per share, versus $499 million, or $1.76 per share, in the year-ago period. Excluding non-recurring items, the company's earnings came in at $1.54 per share. Its revenue climbed to $5.93 billion from $5.73 billion. However, analysts were expecting earnings of $1.81 per share on revenue of $5.94 billion. The average estimate among 6 Estimize users was for earnings of $1.80 per share and revenue of $5.91 billion. Business Services revenue climbed 16.2 percent in the quarter, while Residential Services revenue rose 2.1 percent. The company lost around 45,000 residential video customers during the quarter. Adjusted OIBDA slipped 1.2 percent year-over-year to $2.0 billion. As of June 30, 2015, net debt totaled $22.6 billion. Time Warner Cable Chairman and CEO Rob Marcus said, "We delivered very strong operational results in the second quarter, providing yet another clear indication that our plan is working. We achieved record Q2 subscriber results across nearly every category, setting us up for accelerating financial performance as we look forward to the next phase of our plan. We intend to use the time between the signing and closing of the Charter deal to further strengthen our operations." Time Warner Cable shares gained 0.12 percent to close at $189.43 yesterday.