Time Warner Cable Q3 Profit Down - Quick Facts

(RTTNews) - Time Warner Cable Inc. (TWC) reported that its third-quarter of 2013 net income attributable to shareholders declined to $532 million, or $1.84 per share, from $808 million or $2.60 per share in the third quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share for the quarter. Analysts' estimates typically exclude special items.

Earnings per share decreased by 29.2% from last year's, driven primarily by 2012 SpectrumCo and Clearwire-related gains.

Adjusted Net Income Attributable to Shareholders, which exclude the 2012 SpectrumCo and Clearwire investment-related gains and certain other items affecting the comparability of TWC's results for 2013 and 2012 were $489 million and $1.69 per share, for the third quarter of 2013 compared to $438 million and $1.41 per share, for the third quarter of 2012.

The increase in adjusted net income was primarily due to higher Operating Income and lower interest expense, net, partially offset by a higher income tax provision. Adjusted Earnings per share for the third quarter of 2013 also benefited from lower average common shares outstanding as a result of share repurchases under the Company's stock repurchase program.

Revenues for the quarter rose to $5.52 billion from $5.36 billion in the prior year quarter. Twenty four analysts had consensus revenue estimate of $5.54 billion for the quarter. Total Company revenue grew 2.9% year over year, driven primarily by growth of 20.5% in business services revenue and 14.2% in residential high-speed data revenue.