Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Charter Communications Q3 earnings beat expectations, shares up almost 5%

EditorRachael Rajan
Published 2024/11/01, 13:22
© Reuters.
CHTR
-

STAMFORD, Conn. - Charter Communications , Inc. (NASDAQ:CHTR) reported third-quarter earnings that surpassed analyst expectations, sending shares up 4.7% in premarket trading Friday.

The cable and broadband provider posted adjusted earnings per share of $8.82, beating the consensus estimate of $8.67. Revenue rose 1.6% YoY to $13.8 billion, also topping expectations of $13.66 billion.

Charter's Internet customer base declined by 110,000 in Q3 to 30.3 million, while mobile lines increased by 545,000 to reach 9.4 million. Total customer relationships fell 1.7% YoY to 31.7 million.

"We executed well during the third quarter, building on our operating strategy and foundational investments," said Chris Winfrey, President and CEO of Charter. "Now and in the future, we have the best, fully deployed network uniquely capable of delivering seamless connectivity and entertainment, everywhere we operate."

Residential revenue was flat at $10.8 billion, as 37.6% growth in mobile service revenue and 1.7% growth in Internet revenue offset a 6.7% decline in video revenue. Commercial revenue increased 2.0% to $1.8 billion.

Adjusted EBITDA grew 3.6% to $5.6 billion in Q3. Free cash flow jumped 47.6% to $1.6 billion, driven by lower capital expenditures and higher adjusted EBITDA.

Charter now expects full-year 2024 capital expenditures of approximately $11.5 billion, down from previous guidance of $12 billion, reflecting lower network evolution and line extension spending.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.