Cablevision Earnings Up 40 Percent
Cablevision Systems Corp., the New York-area cable company and the owner of the AMC cable network, on Thursday reported that first-quarter net income rose 40 percent, helped by the purchase of a smaller Western cable company and an uptick in most of its businesses, but results missed analyst expectations.
The Bethpage-based company’s net income was $104.1 million, or 36 cents per share, for the January to March period. That was up from $74.2 million, or 24 cents per share, a year earlier.
Analysts were expecting higher earnings, at 41 cents per share.
Revenue rose 10 percent to $1.92 billion. Analysts polled by FactSet were expecting $1.94 billion.
Cablevision ( CVC – news – people ) shares fell 80 cents, or 2.3 percent, to $34.47 in morning trading.
Growing profits from its cable business, particularly from the sale of telecommunications services to businesses, and a rebound in advertising for its cable networks were partly offset by higher losses from a segment that includes the Long Island-based Newsday daily newspaper and a theater chain.