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.