Charter Communications Inc (NASDAQ:CHTR) saw its share price fall back despite beating expectations with its fourth quarter earnings.
The broadband and cable TV provider posted fourth quarter adjusted underlying earnings (EBITDA) of US$3.9bn, up 12.7% year-on-year on a pro forma basis.
The company acquired Time Warner Cable and Bright House Networks during the reporting period, hence the pro forma comparison.
Revenues rose 7.2%, also on a pro forma basis, to US$10.28bn – marginally ahead of the consensus forecast of US$10.25bn.
Earnings per share of US$1.67 were well above market expectations of US$1.06.
Despite this, the shares were off 1.3% at US$321 in late morning trading.
"Since the close of our transactions in May, we have been managing the complicated process of integrating three different companies with over 26 million customers and 90 thousand employees,” said Tom Rutledge, chairman and also chief executive officer of Charter Communications.
“Despite the complexity, our integration is going well. We also continued to grow in 2016, with pro forma customer growth of nearly 5%, revenue growth of 7%, and double digit adjusted EBITDA growth," he added.
"In 2017, we remain focused on applying our growth-oriented operating strategy across our new footprints, driving more customer satisfaction, growth, and shareholder value," Rutledge said.