Charter swings to 4Q profit on acquisitions, tops forecasts

NEW YORK (AP) -- Charter Communications Inc. swung to a fourth-quarter profit, topping Wall Street expectations, as revenue surged from key acquisitions last year.

The Stamford, Connecticut-based company earned $454 million, or $1.67 per share, after reporting a loss in the same period a year earlier. Meanwhile, revenue rose more than three-fold to $10.28 billion.

In May of 2016 the cable company completed its $67 billion purchase of Time Warner Cable and Bright House Networks. That helped boost revenue from video, internet and voice services, pushing a three-fold increase in residential services revenue. Commercial revenue and advertising sales also spiked.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share, while eight analysts surveyed by Zacks expected $10.25 billion in revenue.

For the year, the company reported net income of $3.52 billion, or $15.94 per share, swinging to a profit in the period. Revenue was reported as $29 billion.

Charter shares have increased 13 percent since the beginning of the year. The stock has risen 74 percent in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHTR at https://www.zacks.com/ap/CHTR

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Keywords: Charter Communications, Earnings Report