Tom Rutledge, the chief executive officer of Charter Communications, Inc. (NASDAQ:CHTR) said the company is still interested in “wisely acquiring subscribers” during a conference call after reporting its first quarterly profit in the more than three years today.
Rutledge made his remark after Charter Communications, Inc. (NASDAQ:CHTR) failed to convince Time Warner Cable Inc (NYSE:TWC) to accept its merger proposal. Comcast Corporation (NASDAQ:CMCSA) won the bid to acquire Time Warner Cable for $45 billion in an all-stock transaction. He refused to comment regarding the deal between Comcast and Time Warner Cable.
Alluvial Fund performance update for the month ended May 2021. Q1 2021 hedge fund letters, conferences and more Dear Partners and Colleagues, Alluvial Fund, LP returned 5.4% in May, compared to 0.2% for the Russell 2000 and 1.0% for the MSCI World Small+MicroCap . . . SORRY! This content is exclusively for paying members. SIGN UP Read More
Three million Comcast subscribers
Charter Communications, Inc. (NASDAQ:CHTR) is planning to purchase some of the three million subscribers of Comcast Corporation (NASDAQ:CMCSA)—the largest cable company is planning to sell such number of subscribers to ease regulatory concerns over its transaction to acquire Time Warner Cable Inc (NYSE:TWC).
The company is also considering the possibility of a merger with Cox Communications, a privately held cable company with 4.5 million television subscribers. The two companies engaged in a discussion regarding a potential merger, according to people familiar with the situation last year.
During the fourth quarter of 2013, Charter Communications, Inc. (NASDAQ:CHTR) reported $30 million net income of $0.35 earnings per share due to sales growth from its broadband business. Its revenue increased 12% to $2.14 billion. The company recorded $40 million losses or $0.41 losses per share in the same period a year ago.
The financial results of the company outperformed the $0.31 earnings per share consensus estimate of Wall Street analysts, but its revenue was slightly lower compared with their $2.16 billion expectation. Charter Communications, Inc. (NASDAQ:CHTR) said its residential internet customers increased from 59,000 a year ago to 93,000.
Charter stock fell
The stock price of Charter Communications, Inc. (NASDAQ:CHTR) declined almost 5% to $125.57 per share at the time of this writing around 2:19 P.M. in New York. According to Craig Moffett, founder of research firm, Moffett Nathanson LLC, investors were worried about the projected higher capital spending (approximately $2.2 billion) of the company. He said, “That’s putting some pressure on the stock. The earnings results are actually pretty good.”