Time Warner Cable kicked off the 2013 cable earnings season
with mixed results, growing revenue by 6.6% and cash flow by 2% but losing
119,000 video subscribers as customers left the second largest MSO in the
company after promotional periods rolled off.
Time Warner Cable reported $5.5 billion in total revenue for
the period, up from $5.1 billion in the prior year. Operating income before
depreciation and amortization (OIBDA) was $1.9 billion in the period, up from
$1.87 billion a year ago.
The revenue gains were also impacted by two extra months of
Insight Communications results -- TWC
purchased Insight in February 2012 for $3 billion. According to TWC,
excluding the Insight results, the organic revenue was $5.3 billion, up 3.1%
from the previous year.
Video subscriber losses of 119,000 were above the 94,000
shed in 2011 and analysts' consensus estimates of 91,000 losses.