Time Warner Cable beats by $0.02, reports revs in-line
Reports Q4 (Dec) adj. earnings of $1.80 per share, $0.02 better than the Capital IQ Consensus of $1.78; revenues rose 4.9% year/year to $6.07 bln vs the $6.05 bln Capital IQ Consensus. The highest fourth-quarter and full-year organic revenue growth in the last five years -- driven by accelerated growth in Residential Services (mostly high speed data) and strong growth in Business Services.
Adjusted OIBDA excluding pension expense was up slightly for the fourth quarter and full year.
Operating Income declined to $1.1 billion and $4.2 billion for the fourth quarter and full year, respectively, due to higher depreciation expense from "TWC Maxx" and other capital investments.
Strong fourth-quarter residential subscriber performance capped the best full-year residential subscriber performance ever
Customer relationship net additions of 200,000 for the fourth quarter and 618,000 for the full year
Video net additions of 54,000 for the fourth quarter and 32,000 for the full year
High-speed data net additions of 281,000 for the fourth quarter and 1,000,000 for the full year
Voice net additions of 227,000 for the fourth quarter and 1,036,000 for the full year