Charter Comm reports Q3 (Sep) results, revs in-line (344.91)
- Reports Q3 (Sep) GAAP earnings of $0.19 per share, likely not comparable to the Capital IQ Consensus of $0.85; revenues rose 4.2% year/year to $10.46 bln vs the $10.49 bln Capital IQ Consensus, driven by residential revenue growth of 4.4% and commercial revenue growth of 8.0%, partly offset by a decline in advertising revenue of 11.1%, due to lower political revenue. Third quarter Adjusted EBITDA of $3.8 billion grew 5.0% year-over-year, and 4.7% when excluding transition costs.
Third quarter total customer relationships increased 212,000, compared to 275,000 during the third quarter of 2016, when excluding the impact of customer activity related to Legacy Bright House's seasonal customer plan in 2016.2 Third quarter total residential and SMB primary service units ("PSUs") increased by 257,000, while third quarter 2016 PSUs grew by 395,000, when adjusted for the seasonal customer program changes at Legacy Bright House. During the third quarter of 2017, Charter's residential customer relationships grew by 172,000, while third quarter 2016 customer relationships grew by 245,000, or 241,000 when adjusted for seasonal program changes made at Legacy Bright House. Residential video customers decreased by 104,000 in the third quarter of 2017, while third quarter 2016 video customers decreased by 47,000, or 51,000 when adjusted for seasonal program changes made at Legacy Bright House