Time Warner Cable just marked its best-ever quarter for net customer growth, enjoying 7.2 percent revenue growth as a result. All boiled down, the cable company’s profit jumped 9 percent versus the comparable three-month period last year.
Wall Street had forecast earnings per share (EPS) of $1.74 on $6.14 billion in revenue, per Yahoo Finance. TWC actually reported $6.191 billion at the top line, and $1.81 at the bottom.
As one might expect in 2016, it was high-speed data leading the way in sales and new customer additions. Still, Time Warner Cable must have been pleased to see Video trending the right way there, too. All told, the company picked up 236,000 extra net residential customers and 13,000 businesses.
Chairman and CEO Rob Marcus crowed about the results on Thursday.
“Our first-quarter results are the clearest indication yet that our efforts over the last 27 months are paying off,” he stated in written remarks. “We have made our network more reliable, our products more compelling and our customer service far better. We’ve refined our marketing, enhanced our sales channels and strengthened our retention capability. All of that has driven robust customer growth, which in Q1 translated into very strong revenue and OIBDA growth. I couldn’t be prouder of what our talented, committed, passionate team has accomplished.”
TWC stock closed Wednesday at $209.03, down $1.81 per share, or 0.86 percent.
On Monday, the Justice Department conditionally approved Charter’s takeover of Time Warner Cable and Bright House Networks. The deal — which the DOJ valued at $78 billion — still needs approval from the Federal Communications Commission.
Time Warner Cable executives will host a conference call at 8:30 a.m. ET today to discuss company financials further. We’re sure Charter will come up as well.