Time Warner Cable Profits Rise 16%

The triple-play was a slam dunk strategy for Time Warner Cable in the first quarter of 2007. The bundles of voice, video and data boosted profits for the nation’s second-largest cable operator by 16 percent.

This marks the company’s first earnings report as a public company. It debuted on the New York Stock Exchange earlier this year.

On Wednesday, Time Warner Cable reported net profit of $276 million, or 28 cents per share, for the first quarter. That was up from $237 million or 23 cents a share, the same time a year ago. Revenue also rose 61 percent to $3.85 billion.

The operator said it added 46,00 basic video customers during the first quarter, for a total of 13.4 million. It also reported 278,000 new digital video subscribers, for a total of 7.5 million, and 234,000 digital phone, or VoIP, subscribers, ending with 2.1 million. Finally, the company added 356,000 broadband customers for a total of 7 million.

Time Warner Cable stock was up 78 cents per share at early afternoon on Wednesday, trading for $37 on volume of almost 3 million shares.

Time Warner Cable www.timewarnercable.com

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