Time Warner Cable deal gives Charter a boost in 2Q
STAMFORD, Conn. (AP) — Cable company Charter Communications Inc. on Tuesday reported sharply higher revenue and turned a profit in the second quarter thanks to a boost from its $67 billion purchase of Time Warner Cable and Bright House Networks in May.
The Stamford, Connecticut-based company posted net income of $3.07 billion, or $15.17 per share, compared with a loss of $122 million, or $1.21 per share, in the previous year’s quarter. Revenue more than doubled, to $6.16 billion.
Charter also compared its most recent quarter’s numbers to a 2015 quarter that was adjusted to include results from the acquired companies. It said that in that context, it lost 152,000 home video customers, fewer than in the previous year, and added 236,000 internet customers compared with 157,000 the year before.
Charter stock rose $20.46, or 8.6 percent, to $257.28 in midday trading. Its shares are up more than 26 percent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHTR at http://www.zacks.com/ap/CHTR
Keywords: Charter Communications, Earnings Report