The Dividend Daily

Cable TV and Internet provider Cablevision Systems Corporation (CVC) said Tuesday that its third quarter profit jumped from last year, beating analyst expectations.

The Bethpage, New York-based company reported third quarter net income of $98.9 million, or 33 cents per share, compared with just $30.9 million, or 11 cents per share, in the year-ago period. Revenue rose 5.3% from last year, to $1.84 billion.

On average, Wall Street analysts expected a lower profit of 26 cents per share, on smaller revenue of $1.82 billion.

The company said it is “moving forward” with its previously-announced spin-off of its Madison Square Garden business, which includes the storied sports arena, the New York Knicks and New York Rangers, and the MSG television network. That deal is expected to get done by the end of the year.

Cablevision shares rose 68 cents, or +3%, in morning trading Tuesday.

The Bottom Line
We have recommending shares of CVC since Sept.1, when the stock was trading at $22.34. The company has a 1.72% dividend yield, based on last night’s closing stock price of $23.27.

Cablevision Systems Corporation (CVC) is a “recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.