Time Warner Cable's results top Street's view

NEW YORK - Time Warner Cable's (TWC) fourth-quarter net income rose 5 percent thanks in part to cost-control efforts and higher revenue.

The New York company, which is currently being pursued by smaller cable TV operator Charter Communications, also boosted its quarterly dividend by 15 percent to 75 cents per share.

For the period ended Dec. 31, Time Warner Cable earned $540 million, or $1.89 per share. That compares with $513 million, or $1.68 per share, a year earlier.

Removing a tax matter and other items, earnings were $1.82 per share. Analysts surveyed by FactSet expected earnings of $1.73 per share.

Total costs and expenses increased slightly to $4.4 billion from $4.34 billion.

Revenue rose 2 percent to $5.58 billion from $5.49 billion. Wall Street predicted $5.56 billion.

Average monthly revenue per residential customer relationship climbed 2.2 percent to $106.03. This was the highest growth rate since 2012's first quarter.

Full-year net income declined 10 percent to $1.95 billion, or $6.70 per share, from $2.16 billion, or $6.90 per share, in the previous year. Annual revenue increased 3 percent to $22.12 billion from $21.39 billion.

Time Warner Cable said Thursday that it will pay the dividend on March 17 to shareholders of record on Feb. 28.

Earlier this month Charter Communications said that it would bring an offer directly to Time Warner Cable Inc. shareholders if need after getting rebuffed by the company's management. Time Warner Cable called the move "a non-starter."

Although there is no formal proposal on the table, Charter said it is willing to make a cash-and-stock offer that could be worth up to $38 billion.

Its shares finished at $132.10 on Wednesday.  Its shares are up 31 percent for the past year.