Bethpage-based Cablevision Systems Corp. on Thursday reported its first yearly increase in customers since 2008, and fourth-quarter net income of $32.1 million.
On a per-share basis, the cable company, which owns Newsday, said it had profit of 12 cents. Earnings, adjusted for nonrecurring costs and to account for discontinued operations, were 17 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for adjusted earnings of 16 cents per share.
Cablevision had net income of $56 million, or 21 cents a share, in the fourth quarter of 2014.
Cablevision agreed last year to be acquired by European telecom, Internet and media giant Altice Group. The transaction is expected to close in the second quarter, Cablevision said.
Cablevision posted revenue of $1.63 billion in the fourth quarter of 2015, which matched Street forecasts.
For the year, the company reported profit of $175.4 million, or 63 cents per share. Revenue was reported as $6.51 billion.
Cablevision said it gained 49,000 high-speed data customers in 20015. Although the number of video customers dropped by 10,000, overall customers rose by 13,000.
Chief executive James L. Dolan said, “2015 marked a turning point for Cablevision in several ways. We increased total Cablevision customer relationships and ended the year with more high-speed data customers than ever before in the nation’s most competitive telecommunications market.”
With Newsday Staff