Charter Revenue, Earnings Up in 3Q, Driven by Internet, Mobile Growth

By Matt Grossman

Charter Communications Inc. on Friday posted sales growth in the third quarter from greater internet, mobile-phone and business relationships, though the company lost customers in its residential video and land-line businesses.

The Stamford, Conn.-based internet, cable and phone-plan provider posted earnings of $6.50 a share, a rise from $3.90 a share a year earlier. Analysts were forecasting earnings of $5.90 a share, according to FactSet.

Net income rose to $1.22 billion from $814 million, it said.

Sales were $13.15 billion, a 9.2% increase from $12.04 billion, it said. Analysts were expecting sales of $12.93 billion.

Revenue from residential customers grew by 9.4%. Mobile revenue was up by 45%, and commercial revenue rose by 7.1%, the company said.

Charter lost 133,000 residential video customers in the third quarter as people moved away from cable subscriptions. Residential land-line customers fell by 230,000, it said.

Residential revenue per customer grew 5.6% to $115.15 as the company benefited from the return of sporting events. In the same quarter a year earlier, Charter recorded $218 million of credits to customers for canceled sporting events during the pandemic, it said.

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(END) Dow Jones Newswires

October 29, 2021 07:42 ET (11:42 GMT)

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