Charter Communications reported third quarter revenues of $10 billion, up 7.4 percent on a year-over-year basis, driven by residential revenue growth of 6.7 percent and commercial revenue growth of 12.1 percent.
Net income was $189 million, compared with $2 million in the year-ago period. Helping earnings was “a gain on financial instruments driven by the revaluation of legacy Time Warner Cable’s British pound debt and related currency swaps, partly offset by higher other operating expenses, including severance-related and transaction expenses and higher depreciation and amortization,” the Stamford company said.
On May 18, Charter acquired Time Warner Cable and Bright House Networks for a combined $65.5 billion, making it the second-largest cable television company in the U.S.
Charter’s total customer relationships increased 279,000 during the third quarter, compared to 269,000 during the third quarter of 2015. For the 12 months ending Sept. 30, customer relationships grew by 1.26 million or 5.1 percent.
Total residential and small and medium business primary service units (PSUs) increased by 409,000 for the third quarter, versus 669,000 in the year-ago quarter. Charter said the year-over-year decline in PSU net additions was primarily driven by fewer residential voice net additions in the third quarter of 2016 versus the third quarter of 2015.