The stock is down about 3.3% in pre-market trading, possibly because the growth in residential broadband subscriptions was lower than some anticipated. Time Warner Cable reported net income for Q4 of $514M, -8.9% vs the same period last year, on revenues of $5.49B, +9.9%. Revenues were just a hair below the Street’s forecast for $5.50B. But adjusted earnings of $1.57 a share beat expectations for $1.55. Factoring out systems acquisitions last year, including, Insight Communications, Time Warner Cable’s revenues from residential video services fell 3.1% to $2.55B. The total number of residential video subscribers fell 129,000 to 12.03M. The company says that its video programming expenses per subscriber increased 5.1% vs the end of 2011 to $31.28 a month which was “primarily driven by contractual rate increases and the carriage of new networks, partially offset by a decline in transactional video-on-demand costs.” Revenues from residential Internet services were up 11.4% to $1.28B as the total number of subscribers grew 75,000 to 10.94M. “In the year ahead, we plan to focus on operational excellence as we invest to capture long-term opportunities and drive profitable growth,” CEO Glenn Britt says.
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