Charter Communications Inc. saw profit more than double in the first quarter as the cable company’s customer base continued to balloon. The company posted net income of $807 million, or $4.11 a share, up from $396 million, or $1.86 a share, a year earlier. Analysts surveyed by FactSet were expecting $4.25 a share in earnings. Charter’s revenue rose to $12.5 billion from $11.7 billion and came in essentially flat with the FactSet consensus. Charter disclosed that it saw its total customer relationships increase by 302,000 in the first quarter. The company added 355,000 Internet customers in the period. “Our value-driven operating strategy of providing multiple high-quality products at lower prices than sold individually continues to drive our growth,” Chief Executive Tom Rutledge said in a release. Charter shares have gained 10.3% over the past three months as the S&P 500 has risen 13.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.