April 24, 2014 / 10:24 AM / 5 years ago

Time Warner Cable profit beats as demand for data services rises

The Time Warner Cable logo is displayed on the back of a van in New York February 13, 2014. REUTERS/Joshua Lott

(Reuters) - Time Warner Cable Inc TWC.N, the second-largest U.S. cable operator, reported first-quarter profit above analysts’ estimates as it added more residential subscribers than expected for its high-speed data services.

The company said it added 269,000 residential high-speed data subscribers on a net basis - highest since the first quarter of 2008. Analysts had expected the company to add 179,300 subscribers, according to StreetAccount.

The company, which is in the middle of a $45.2 billion acquisition by Comcast Corp (CMCSA.O), lost 34,000 residential video subscribers in the first quarter on a net basis, fewer than the 77,300 analysts had expected.

Time Warner Cable’s quarterly profit jumped 19.5 percent to $479 million, or $1.70 per share, in the first quarter ended March 31.

Excluding items, earnings were $1.78 per share, topping the analyst estimate of $1.68 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 2 percent to $5.58 billion. Analysts were expecting $5.64 billion.

Time Warner Cable’s shares closed at $139.87 on Wednesday on the New York Stock Exchange.

(This version of the story corrects second paragraph to say subscriber additions were highest since the first quarter 2008, not 2012)

Reporting by Aurindom Mukherjee & Soham Chatterjee; Editing by Joyjeet Das and Saumyadeb Chakrabarty

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