Time Warner Cable Inc. on Thursday posted a better-than-expected rise in quarterly profit as it added more Internet customers and said it would launch a $4 billion share buyback program.
Third-quarter net profit rose to $360 million, or $1.00 a share, compared with $268 million, or 76 cents a share a year earlier.
Revenue rose 5.2 pct to $4.73 billion during the quarter. Analysts had, on average, been expecting a profit of 89 cents a share on revenue of $4.72 billion, according to Thomson Reuters I/B/E/S.
The company added 104,000 residential and commercial broadband customers. Analysts at Bernstein Research had forecast the No.2 U.S. cable company would add 107,000 new subscribers.
Time Warner Cable also added 34,000 phone customers, but lost 155,000 basic video customers during the quarter.
Bernstein had forecast additions of 56,000 phone customers and a loss of 123,000 video subscribers.
Cable TV companies have been losing video customers in recent quarters due to the combined effect of competition from satellite TV and phone companies, and the impact of the weak U.S. economy.
The company also announced that it will launch a $4 billion share buyback program as a way to return cash to its shareholders.
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