Cablevision Q3 Profits Beat Estimates; Stock Rallies

Cablevision (CVC) shares are trading higher on better-than-expected Q3 results.

For the quarter, the cable company posted revenue of $1.84 billion, up 5.3% year over year, and ahead of the Street at $1.82 billion. Profits of 33 cents a share were well ahead of the Street at 26 cents. Excluding one-time items, adjusted operating cash flow was up 10.3% year over year, and operating income was up 23%.

Some other key stats:

• Basic video subs fell 27,300 in the quarter.


• Digital video subs were down 14,300.


• High-speed data subscribers rose 19,100.


• Voice customers rose 34,000.


• Overall revenue generating units increased 11,500.


• Cable TV revenue per subscriber rose 1% to $141.03.


• Revenue on a year-over-year basis was up 11.4% at the company’s Rainbow programming unit.


• Revenue at the Madison Square Garden unit were up 0.9%

The company also said it has received IRS clearance on the tax-free nature of the planned spin of MSG, and that the transaction should be completed by year-end.

CVC today is up 73 cents, or 3.1%, to $24.