August 2, 2012 / 10:23 AM / 6 years ago

Time Warner Cable 2nd-qtr beats on higher internet revenue

(Reuters) - Time Warner Cable Inc, the second largest U.S. cable operator, posted a better-than-expected second quarter as higher sales of pricier residential broadband plans offset declines in video subscriptions.

The New York-based company added 59,000 Internet and 45,000 phone residential customers in the segment in the quarter.

Broadband services revenue grew 7.2 percent organically. Including additions from its Insight Communications acquisition, Internet revenue grew 13.5 percent.

However, the company lost 169,000 video customers as it continued to see cable TV viewers shrink in the face of competition from satellite and phone companies.

Net income attributable to the company rose to $452 million, or $1.43 per share, for the second quarter from $420 million, or $1.25, a year earlier.

Revenue rose 9.3 percent to $5.40 billion.

Analysts had on average had been expecting earnings of $1.39 per share, on revenue of $5.39 billion, according to a poll by Thomson Reuters I/B/E/S.

Shares of the company, which have risen 31 percent since the start of this year, closed at $85.60 on Wednesday on the New York Stock Exchange.

Reporting by Yinka Adegoke in New York and Supanatha Mukherjee and Siddharth Cavale in Bangalore; Editing by Anthony Kurian

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