Q1 financials beat, PSUs miss
Disappointing results with the PSU improvements seen in Q4 largely evaporating. However financials beat on pricing, reflecting promo roll-offs and some price increases. Overall residential customer relationships rose 2.9% YoY (down from 3.4% in Q4) while ARPU rose 1.6% to $110.89, up from just 0.4% in Q4. Video ARPU was particularly strong at +7.3% and also reflects a mix shift away from low quality TWC bundles. Management had warned that results could be choppy but the deterioration from Q4 results seems really quite marked.Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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