Video losses improved and broadband additions were ahead of forecasts for Charter Communications in Q3, which some analysts took as an indication of a better 2019.
In a research note, Evercore ISI media analyst Vijay Jayant said the results were steady and set the cable operator up for a strong 2019.
Charter lost about 66,000 video customers in the third quarter, better than the 166,000 customers it lost in the prior year and beating analysts’ consensus estimates of a loss of 85,000. Broadband additions at 266,000 in the period were ahead of the 250,000 additions last year and slightly better than consensus forecasts of 234,000 additions.
"We are performing well through a very large integration, including completing all digital and improving the quality and efficiency of our service operations,” Charter chairman and CEO Tom Rutledge said in a statement. “We have also significantly improved our products, including delivering faster Internet speeds with Gigabit speeds nationwide, and we have launched new products, like Spectrum Mobile.”
Rutledge continued that the integration of Time Warner Cable and Bright House Networks will be largely complete by the end of the year.
“With significantly less customer-facing change in 2019, we expect continued improving service metrics with higher demand and retention, faster growth and falling capital intensity, driving meaningful free cash flow growth," Rutledge said in his statement.
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