Shares of Time Warner Cable rose today after the Triangle's largest pay-TV provider reported stronger financial results and announced plans to buy back $4 billion of its stock.
The company is selling more services to its existing customers, helping offset the loss of some cable-TV subscribers.
Nationally, Time Warner Cable added 104,000 broadband subscribers, but lost 155,000 video subscribers. The company blamed increasing competition from phone and satellite TV providers, and the economy.
CEO Glenn Britt said the company is considering a "value" cable-TV package to win back some of the budget-focused households it's losing.
“We’re performing well financially, despite the economic and competitive climate,” said Britt in a statement. The company has seen better subscriber trends in the fourth quarter.
Time Warner Cable officials said they haven't seen any evidence that consumers are "cord-cutting" and shifting to getting TV over the Internet. Lost customers are mostly defecting to rival pay-TV companies or giving it up entirely.
Time Warner Cable has about 2.1 million customers in the Carolinas, including 830,000 in the region from Raleigh to the coast. It also employs about 1,600 people in the Triangle, mostly at its regional headquarters in Morrisville.
For the quarter, net income rose 34 percent to $360 million, or $1 a share, from $268 million, or 76 cents a share, bolstered by higher monthly bills, an increase in high-speed Internet subscribers, and a boost in advertising sales.
Sales gained 5.2 percent to $4.73 billion.
Subscription revenue rose 4.5 percent to $4.5 billion, as Time Warner Cable increased prices and more users elected high-speed Internet and premium services such as digital video recorders.
Time Warner Cable shares rose $2.67 to $62.33 today and are up more than 50 percent this year.
The Associated Press contributed to this report.