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Time Warner Cable profit beats Wall Street view

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Time Warner Cable Inc.'s (TWX-N) quarterly profit topped analysts' expectations, helped by growth in Internet and voice customers.

The U.S. No. 2 cable company added 67,000 Internet customers and 45,000 voice customers, helping offset its continuing losses of video customers as competition from satellite and phone companies stepped up. It lost 128,000 video customers during the quarter.

Chief Executive Glenn Britt said the company sees Internet services as an increasingly important part of its future.

"As broadband becomes increasingly important to our customers, we think we can create additional value by making it available to them everywhere," said Britt.

For the second quarter, net income rose to $420 million US or $1.24 per share compared with $342 million or 95 cents a share a year ago.

Revenue rose 4.4 percent to $4.94 billion.

Analysts on average had expected earnings of $1.16 a share, excluding items, on revenue of $4.94 billion, according to Thomson Reuters I/B/E/S.

Free cash flow, a measure of cash profits followed by cable investors, rose 43 percent to $815 million.

President Rob Marcus said the company is on course to match its previously stated full-year earnings forecast of $4.25 to $4.50 per share.

"Taken in total, Time Warner Cable continues to deliver precisely what its shareholders ordered," said Craig Moffett, analyst at Sanford Bernstein. "Steady growth, rising profitability, and soaring free cash flow. And to us, it still looks too cheap."

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