Charter Communications Inc.
CHTR,
fell short of earnings expectations for the fourth quarter but posted a larger haul of net new internet subscribers than it had seen in the third quarter. The cable company generated net income of $1.20 billion, or $7.79 a share, compared with $1.61 billion, or $9.17 a share, in the year-before quarter. The FactSet consensus was for $8.83 in earnings per share. Charter attributed the decline in earnings in part to higher income tax and interest expense. Total revenue increased to $13.67 billion from $13.21 billion, while analysts were looking for $13.74 billion. Charter disclosed that it added 105,000 internet customers in the fourth quarter between residential customers and small- and medium-sized businesses, whereas it had added 75,000 in the third quarter. The company also added 615,000 net mobile lines. “In 2023 and the coming years, we remain focused on three core initiatives — network evolution, footprint expansion and operational execution,” Chief Executive Chris Winfrey said in a release. “Each of these initiatives will deliver benefits for a growing base of customers, our employees and local communities, with long-term value creation for our shareholders.”
