Charter Communications Inc CHTR reported fiscal third-quarter 2024 revenue growth of 1.6% year-on-year to $13.8 billion, beating the analyst consensus estimate of $13.7 billion.
EPS of $8.82 beat the analyst consensus estimate of $8.67. The stock price gained after the results.
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Revenue growth of 1.7% in Internet, 37.6% in Mobile service, and 2.0% in Commercial aided the top line.
Charter lost 110,000 residential Internet customers, driven by the end of the FCC’s Affordable Connectivity Program (“ACP”) subsidies, compared to 63,000 additions last year. Residential video customers decreased by 294,000 compared to 327,000 in the prior year.
Total mobile lines increased by 545,000 during the quarter reaching 9.4 million mobile lines.
Adjusted EBITDA margin expanded by 80 bps to 40.9%.
The quarterly free cash flow of $1.6 billion improved from $1.1 billion in the prior year, primarily due to lower capital expenditures.
As of Sept. 30, Charter served 30.3 million residential and SMB Internet customers.
Net cash flow from operating activities totaled $3.9 billion. As of September 30, 2024, the company held $721 million in cash and equivalents.
“We have pricing and packaging that saves customers money with the best products and a service capability and investment that has yet to be fully realized as a competitive advantage,” said CEO Chris Winfrey.
Outlook: Charter Communications expects a 2024 capex of $11.5 billion (prior $12.0 billion).
CHTR Price Action: Charter Communications stock is up 5.9% at $347.00 premarket at the last check on Friday.
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