Time Warner Cable Q3 Profit Tops Estimates By $0.05

(RTTNews) - Time Warner Cable Inc. (TWC) reported third-quarter net income attributable to shareholders of $437 million or $1.53 per share compared to $499 million or $1.76 per share, last year. The company said its third-quarter net income decreased primarily due to a decrease in operating income, partially offset by a decrease in income tax provision.

Adjusted earnings per share was $1.62, for the quarter. Analysts polled by Thomson Reuters expected the company to report profit per share of $1.57 for the quarter. Analysts' estimates typically exclude special items.

Adjusted Operating Income before Depreciation and Amortization, or Adjusted OIBDA, for the third quarter decreased 3.6% driven by a 7.7% year-over-year increase in operating expenses, partially offset by revenue growth. Operating Income for the third quarter of 2015 decreased 13.0% primarily due to higher depreciation expense and lower Adjusted OIBDA. The company said the increase in operating expenses was primarily due to higher programming, employee, maintenance and content costs, partially offset by a decline in bad debt expense.

Revenue rose to $5.92 billion from $5.71 billion, a year ago. Analysts expected revenue of $5.96 billion for the quarter. Revenue for the third quarter of 2015 increased 3.6% year over year as a result of revenue growth at the Residential Services and Business Services segments, partially offset by a decline in advertising revenue at the Other Operations segment.