Charter Communications 1Q Profit, Revenue Rise

By Dave Sebastian

Charter Communications Inc. said its profit for the first quarter rose along with revenue.

The Stamford, Conn.-based company on Friday posted net income of $396 million, or $1.86 a share, compared with $253 million, or $1.11 a share, in the comparable quarter last year. Analysts polled by FactSet were expecting earnings of $2.77 a share. The company launched offers and programs related to Covid-19 during the quarter.

The internet, cable and phone provider said revenue rose 4.8% to $11.74 billion from $11.21 billion in the same period last year. Analysts were looking for $11.78 billion.

Advertising sales revenue, excluding political revenue, fell 5.9% from a year ago due to Covid-19-related cancellations in March, though overall advertising sales revenue rose 5.7%.

Charter said it added 486,000 residential and small-and-medium-business customers, compared with 351,000 in the same quarter last year.

The company added 582,000 residential internet customers for the quarter, compared with 428,000 in the same period last year.

The money Charter makes per residential customer, excluding mobile, increased 0.2% to $112.73.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

May 01, 2020 07:41 ET (11:41 GMT)

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