Time Warner Cable third-quarter profit falls 11 percent
Published: November 5, 2009
PHILADELPHIA -- Time Warner Cable Inc. says its third-quarter profit fell 11 percent after paying higher interest expenses on debt incurred to separate from its parent, Time Warner Inc.
But the nation's second largest cable TV operator says it revenue rose 4 percent in part due to price increases. It says higher video programming and employee costs also hurt earnings.
Time Warner Cable says it earned $268 million, or 76 cents per share, in the three months ended Sept. 30. That's down from $301 million, or 92 cents, a year earlier.
It says its revenue rose to $4.5 billion from $4.3 billion a year ago.
Earnings were a penny shy of analysts' average estimate but revenue beat their forecast of $4.47 billion.
-- The Associated Press
Reader Reactions
I suggest that they raise prices and reduce services. You heard it here first. If it works for them, Comcast might start doing it too. This advice is why I get paid the big bucks.
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