Cablevision misses Street 3Q forecasts
BETHPAGE, N.Y. (AP) — Cablevision Systems Corp. (CVC) on Tuesday reported third-quarter profit of $23.1 million.
The Bethpage, New York-based company said it had profit of 8 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 20 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The cable company posted revenue of $1.61 billion in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $1.64 billion.
Cablevision shares have climbed 57 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2.5 percent. In the final minutes of trading on Tuesday, shares hit $32.46, a rise of 73 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVC at http://www.zacks.com/ap/CVC
Keywords: Cablevision, Earnings Report