Business, Residential Service Growth Boost Time Warner’s Earnings
Time Warner Cable is coming off a pretty good quarter.
The cable giant reported revenue growth of 2.7 percent, year over year, to $5.55 billion, thanks largely in part to a spike of nearly 22 percent in its business-service revenue and a 12.5 percent increase in money brought in from residential high-speed data. Total business-service revenue was $565 million.
Time Warner Cable continues to build significant shareholder value by investing in rapidly expanding business services and by revitalizing our residential services operations,” said Glenn Britt, chairman and CEO. I am pleased with our progress in operations and expect to see the benefits in the second half of the year and in 2014.”
Profit was up 6.4 percent compared to the year-ago quarter, coming in at $481 million. Free cash flow in the first half of 2013 was $1.4 billion.
TWC more than doubled its number of residential wideband high-speed data subscribers, to 608,000. The cableco’s IntelligentHome security service is now available in about 80 percent of its footprint and has 24,000 customers. Second quarter net additions were the strongest since its launch, the company said.
Residential services revenue growth was primarily driven by an increase in high-speed data revenue, partially offset by declines in video and voice revenue.
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