Cablevision Beats on Top and Bottom Lines
Cable system operator Cablevision reported third-quarter results today before the markets opened, showing that it posted consolidated net revenues of $1.57 billion, a 1.8% increase from the same period in the previous year and just ahead of the $1.56 billion Capital IQ consensus estimate.
While adjusted net income came in at $59.7 million, or $0.22 per share, well ahead from $3.7 million, or $0.01 per share in the same period in 2012, it was $0.10 per share better than the CapIQ estimates of $0.12 per share.
Cablevision says it benefited from a near-9% increase in cable advertising revenue as well as a 5% increase in average monthly revenue per video customer.
The cable system operator didn't provide guidance for the coming quarter, but analysts anticipate Cablevision to post earnings of $0.11 per share in the fourth quarter on revenues of $1.58 billion.
Shares of the cable operator closed down 3.5% today.
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