Cablevision CEO Jim Dolan likely will be on the hot seat today as investors look for clues about his priorities after the recent departure of COO Tom Rutledge, now CEO of Charter. But Dolan at least won’t have to apologize for his company’s Q4 results. It ended the year with net earings of $60.5M, down 46.9% — although last year included $40.2M from AMC Networks, which was spun off — on revenues of $1.69B, up 7.3%. The revenue figure is slightly ahead of the $1.68B that analysts expected. Earnings at 22 cents a share are a penny shy of the 23 cents the Street forecast. The cable company’s video unit lost 14,000 customers in the quarter, ending the year with 3.25M, which is better than some analysts forecast. But, like most cable operators, Cablevision more than compensated with a 31,000 increase in broadband customers, to nearly 3M, and 31,000 phone subscribers, to 2.36M. “We remain confident in the strength of our underlying business and in our ability to deliver industry-leading products,” Dolan says. “Looking ahead, we will continue to improve on those offerings while we remain focused on enhancing shareholder returns and building the company for the long term.” Cablevision shares are down 57.8% over the last 12 months as the Street questions its ability to keep growing while Verizon’s FiOS and AT&T’s U-verse become more robust competitors.
Cablevision Q4 Earnings Mostly Meet Expectations As Broadband Subs Grow
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