Time Warner Cable, in perhaps its last quarterly earnings release before it is acquired by Comcast, reported its best quarterly subscriber results in seven years, losing just 38,000 basic video customers, well ahead of analysts estimates.
In addition, TWC added 168,000 high-speed data customers and 295,000 phone customers in fourth quarter of 2014, its best-ever period performance with the latter segment.
TWC began implementing its TWC Maxx program in several select markets last year, a factor in the subscriber improvements, according to the company. Already TWC completed the all-digital conversion of its New York and Los Angeles markets and plans to complete the roll out in Austin, Texas in early 2015. TWC Maxx will expand to Charlotte, Dallas, Hawaii, Kansas City, Raleigh, San Antonio and San Diego this year.
“Our fourth quarter marked a strong finish to a really positive year for Time Warner Cable,” chairman and CEO Rob Marcus said in a statement. “As a result of record Q4 subscriber net adds and the investments we made all year in our plant, products and customer care, we enter 2015 with tremendous operating momentum.”
Time Warner agreed to be acquired by Comcast in February and continues to move through the regulatory approval process, which it expected to be completed later this year. In a statement, Marcus said he expects the merger to close “soon,” adding “until then, we remain one hundred percent committed to executing our plan.”
Revenue rose 3.8% to $5.8 billion and operating income before depreciation and amortization increased 5.6 to $2.1 billion. TIme Warner will hold a conference call with analysts to discuss results at 8:30 a.m. today.