Cablevision Earnings Cheat Sheet: Sales Up 9.7% As Profits Rise Third Straight Quarter

S&P 500 (NYSE:SPY) component Cablevision Systems Corporation (NYSE:CVC) reported its results for the first quarter. Cablevision Systems Corporation is a telecommunications, media and entertainment company with a portfolio of operations in the United States.

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Cablevision Systems Earnings Cheat Sheet for the First Quarter

Results: Net income for Cablevision Systems Corporation rose to $104.1 million (36 cents/share) vs. $74.2 million (24 cents/share) in the same quarter a year earlier. A rise of 40.3% from the year earlier quarter.

Revenue: Rose 9.7% to $1.92 billion YoY.

Actual vs. Wall St. Expectations: CVC fell short of the mean analyst estimate of 42 cents/share. Estimates ranged from 34 cents per share to 50 cents per share.

Quoting Management: Cablevision President and CEO James L. Dolan commented: “For the first quarter of 2011, Cablevision generated strong increases in revenue and AOCF. This performance was driven by steady growth in our Rainbow business as well as our cable business, which this quarter included a solid showing from the recently acquired Bresnan properties. The company generated more than $290 million in free cash flow for the quarter and we have increased the dividend by 20 percent, enabling us to provide Cablevision shareholders with even more value. Lastly, we remain on track with our planned spin-off of Rainbow, which we continue to believe will also be beneficial for shareholders,” concluded Mr. Dolan.

Key Stats: The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 45.2% and in the third quarter of the last fiscal year, the figure rose 13.3%.

A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the fourth quarter of the last fiscal year, which saw a 12.9% decrease.

Competitors to Watch: Comcast Corporation (NASDAQ:CMCSA), Time Warner Cable Inc. (NYSE:TWC), Mediacom Communications Corp. (NASDAQ:MCCC), Time Warner Inc. (NYSE:TWX), Charter Communications, Inc. (NASDAQ:CHTR), DISH Network Corp. (NASDAQ:DISH), The Walt Disney Company (NYSE:DIS), Liberty Global Inc. (NASDAQ:LBTYA), DirectTV (NASDAQ:DTV), and China Cablecom Hldgs. Ltd. (NASDAQ:CABL)

Stock Performance: Shares of CVC are trading at $34.25 as of May 5, 2011 at 11:17 AM ET, down 2.89% from the previous closing price of $35.27


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