Cablevision Systems Corp. said Thursday that its first-quarter net income more than tripled as it added cable, phone and Internet customers. The company also said it boosted its dividend by 25 percent.
New subscribers and more ad revenue for its cable channels lifted revenue, offsetting another decline at Newsday, the Long Island newspaper.
Cablevision, the nation's fifth-largest cable TV operator, earned $74.2 million, or 24 cents per share, in the first three months of the year. That's up from $21.2 million, or 7 cents per share, a year earlier.
Analysts surveyed by Thomson Reuters were looking for a bigger profit of 33 cents per share, according to Thomson Reuters.
The company's stock slipped 10 cents to $26.71 in premarket trading.
Revenue climbed 5 percent to $1.75 billion, slightly higher than the average estimate of $1.73 billion.
The company also declared a quarterly dividend of 12.5 cents per share.
Cablevision said it ended the quarter with 58,500 more digital cable customers than the same quarter a year ago, a 2 percent rise. High-speed Internet subscribers rose 125,400, or 5 percent and phone subscribers rose 165,400, or almost 9 percent.
Telecommunications revenue climbed nearly 6 percent to $1.4 billion.
Revenue from the company's programming segment, which includes AMC and the Sundance Channel, grew 6 percent to $265.1 million. The channels brought in higher revenue from the fees they charge other cable providers as well as advertising sales.
Meanwhile, the ad recovery has yet to lift Newsday, reflecting the continuing struggle for profitability in the publishing industry. The newspaper narrowed its operating loss to $4.7 million from 7.2 million, in the same period a year ago. But revenue fell more than 10 percent to $74.7 million.
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