Cablevision Systems Corp Earnings: Another Quarter of Falling Net Income
S&P 500 (NYSE:SPY) component Cablevision Systems Corporation (NYSE:CVC) reported its results for the first quarter. Cablevision Systems 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 fell to $57.2 million (21 cents per share) vs. $104.1 million (36 cents per share) a year earlier. This is a decline of 45% from the year-earlier quarter.
Revenue: Rose 0.2% to $1.66 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cablevision Systems Corporation beat the mean analyst estimate of 20 cents per share. Analysts were expecting revenue of $1.67 billion.
Quoting Management: Cablevision President and CEO James L. Dolan commented, “Cablevision has had a solid start to the year. We have improved subscriber metrics across video, high-speed data and voice. Our customers are responding positively to our ongoing efforts to expand and improve the products we offer, such as the recent introduction of our Optimum app for laptops as well as our continued investment in WiFi. Finally, we are making changes in the level of service and communication we provide to our customers to strengthen our relationships with them. We firmly believe that these investments will benefit the company and deliver greater value to our shareholders over the long term.”
The company’s net income has fallen for the last three quarters. In the fourth quarter of the last fiscal year, net income fell 46.8% from the year earlier, while the figure fell 64.9% in the third quarter of the last fiscal year.
The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of 29 cents versus a mean estimate of net income of 25 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 30 cents a share to 23 cents over the last ninety days. The average estimate for the fiscal year is 90 cents per share, down from $1.22 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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