Time Warner Cable beats by $0.05, reports revs in-line
- Reports Q1 (Mar) earnings of $1.81 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.76; revenues rose 7.2% year/year to $6.19 bln vs the $6.14 bln Capital IQ Consensus; the highest first-quarter organic revenue growth in the last 8 years -- driven by accelerated growth in Residential Services and strong growth in Business Services.
- Adjusted OIBDA was up 8.2% for the first quarter -- the highest first-quarter organic Adjusted OIBDA growth in the last 6 years. Operating Income increased 5.6% to $1.1 billion for the first quarter and reflects higher depreciation expense from "TWC Maxx" and other capital investments.
- Strong first-quarter residential subscriber performance: Customer relationship net additions of 236,000; Video net additions of 21,000; High-speed data net additions of 314,000; Voice net additions of 178,000.
- TWC is merging with Charter (CHTR); TWC common stock will be converted into the right to receive ither (i) $100 in cash and shares of New Charter Class A common stock equivalent to 0.5409 shares of Charter Class A common stock or (ii) $115 in cash and shares of New Charter Class A common stock equivalent to 0.4562 shares of Charter common stock.