Cablevision Q2 Profit Tops Views

Cablevision Systems Corporation CVC reported better-than-expected earnings for the second quarter on Friday. The Bethpage, New York-based company posted a quarterly profit of $75.6 million, or $0.27 per share, versus a year-ago profit of $94.2 million, or $0.35 per share. Its revenue slipped 1.6 percent to $1.65 billion. However, analysts were expecting earnings of $0.25 per share on revenue of $1.65 billion. The average estimate among 4 Estimize users was for earnings of $0.26 per share and revenue of $1.65 billion. Cable net revenue rose 1.8 percent to $1.481 billion for the second quarter, while Lightpath net revenue gained 3.4 percent to $91.0 million. Its adjusted operating cash flow shrank 2.7 percent to $474.3 million, while consolidated operating income dropped 4.5 percent to $244.5 million. The company added around 5,000 subscribers in the quarter. As of June 30, total customers increased to 3.12 million, compared to 3.11 million as of March 31. Cablevision lost 16,000 video subscribers and 7,000 voice subscribers during the quarter. However, the company added 14,000 high-speed data customers in the quarter. Average monthly cable revenue per customer surged 3.8 percent year-over-year to $158.52. There were no stock repurchases during the quarter. Cablevision CEO James L. Dolan said, "Cablevision continued to perform well in the second quarter, achieving growth in net revenue and revenue per customer. Over the past three years, we have transformed our company through strategic investments that have made our operations more efficient, increased the reliability and performance of our network, and enhanced our products and the customer experience. This has contributed to our largest quarterly gains in both customer relationships and high-speed data customers in more than two years. We will continue to focus on providing superior service and innovative products that will resonate with consumers." Cablevision shares fell 3.88 percent to close at $26.53 yesterday.