STAMFORD, Conn. – Charter Communications, the cable and internet provider, posted a profit in its first quarter after reporting a loss a year ago as it benefited from its acquisitions of rivals Time Warner Cable and Bright House Networks.
But its results missed Wall Street expectations and its shares fell Tuesday.
Charter completed its buyouts of rivals Time Warner Cable and Bright House Networks about a year ago, increasing its reach to more states across the country. Charter said it has switched branding in most of the areas those companies covered to its Spectrum service.
The Stamford, Connecticut-based company reported net income of $155 million, or 57 cents per share. That's far below the 99 cents per share analysts expected, according to by Zacks Investment Research. A year ago, the company reported a loss of $188 million, or $1.86 per share.
Revenue quadrupled to $10.16 billion, falling short of the $10.25 billion analysts expected, according to Zacks.
Shares of Charter Communications Inc. fell $6.93, or 2 percent, to $337.21 in morning trading. Its shares are up 41 percent in the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHTR at https://www.zacks.com/ap/CHTR
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