Time Warner Cable (TWC) earnings: Record numbers of phone subscribers, video revenue up

Time Warner Cable Inc. (NYSE:TWC) has posted earnings. Revenues for the third quarter rose 25% ($792 million) over the third quarter of 2006 to $4.0 billion, and earnings were listed as $0.25 on basic and diluted earnings. First Call shows estimates at $0.27 EPS and $4.06 billion revenues.

The stock is up at the open. As of 9:45 am, it is at $27.88, a gain of 33 cents or 1.2%.

The company still reports on an OIBDA basis: Operating Income Before Depreciation and Amortization ("OIBDA") climbed 28% and operating income grew 24% over Q3 2006; OIBDA rose 12% and operating income grew 14% over Pro Forma Q3 2006.

This was a record quarterly net gain of 275,000 Digital Phone Subscribers that fueled the largest ever quarterly net increase of 220,000 Triple Play Subscribers. If you want to break it down by net additions, this is a total of revenue generating units having reached 522,000 net additions in the quarter.

Subscription revenues increased 25% ($749 million) to $3.8 billion; video revenues grew 21% ($440 million) to $2.5 billion, reflecting continued penetration of digital video services and video price increases; High-speed data revenues rose 26% ($197 million) to $942 million; Advertising revenues increased 24% ($43 million) to $221 million.

Unfortunately, these numbers are all skewed due to a large Kansas City pool of customers being transferred in the quarter.