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Cablevision Systems (CVC) - News
Today's Pre-Market Earnings: Cedar Fair, L.P., Scotts Miracle-Gro Co, Zoetis Inc, More (FUN, SMG, ZTS, More)Aug 5, 2014Before the opening bell on Tuesday, a number of big name, dividend paying companies announced their quarterly earnings. Below, we look at these...
Today's Pre-Market Earnings: Apollo Global Management LLC, Scripps Networks Interactive, Inc., Cablevision Systems Corporation, More (APO, SNI, CVC, More)May 8, 2014Before Thursday's opening bell, some big name, dividend paying companies announced their quarterly earnings. Below, we look at these earnings...
On Wednesday, Cablevision Systems Corporation (CVC) reported a drop its its fourth quarter earnings. The company's Q4 earnings a year ago were...
Cablevision Systems Corporation Shares Rise on Q3 Earnings Beat; Dividend Maintained (CVC)Nov 8, 2013Regional cable TV and Internet provider Cablevision Systems Corporation (CVC) on Friday announced better-than-expected third quarter earnings results, reversing a year-ago loss. Cablevision's Q3 Earnings in Brief - Net income totaled $294.6 million, or $1.10 per share, reversing last year's loss of $3.79 million, or -1 penny per share. - Revenue rose 1.8% from last year to $1.57 billion. - Analysts expected much lower earnings of just 11 cents per share, on matching revenue. Latest Dividend Reiterated; Yield Surpasses Peers In its earnings release, Cablevision announced it would continue its dividend payout of 15 cents per share. The latest dividend will be paid on Dec. 13 with an ex-dividend date of Nov. 20. The company has not raised its dividend payout since May of 2011. Despite the lack of dividend raise, CVC's dividend yield of 3.84% compares favorably with other stocks in its industry. Time Warner Cable (TWC) offers a yield of 2.2%, while Comcast Corporation (CMCSA) yields just 1.65%. The average dividend yield for S&P 500 companies is around 2.5%, so Cablevision's yield is well above both its industry average as well as the wider market average. Still, its lofty yield has come more as a result of poor price performance, rather than dividend increases. Shares Rise, but Still Tail Indexes Cablevision shares rose more than 2% in early trading on Friday, but the company's stock performance has lagged the wider markets for quite some time. Year-to-date, CVC has gained about 6%, compared with a 24% gain in the benchmark S&P 500 index. The stock was trading around the $38 level as recently as early 2011, so its dividend yield has risen significantly as its stock price plunged to around $16.
Nomura Securities Downgrades Cablevision to "Neutral," But Raises Price Target (CVC)Aug 19, 2013Early on Monday, Cablevision Systems Corporation (CVC) was downgraded by analysts at Nomura Securities, as they expect the stock to be expensive due to diminished free cash flow and disappointing subscriber trends. The analysts downgraded CVC from "Buy" to "Neutral," but raised the price target from $19 to $20. This new price target suggests an 8.5% upside to the stock's Friday closing price of $18.43. Furthermore, the analysts boosted the stock's fiscal 2013 EPS estimates from 16 cents to 19 cents. However, for fiscal 2014, EPS estimates were cut from 64 cents to 58 cents. Nomura analyst Adam Ilkowitz commented, "Financial results in 2Q13 were strong for Cablevision, achieving 26% sequential AOCF growth and returning to positive fully taxed free cash flow. Revenue was a bit lower than expected, but Cable AOCF margin of 32.1% was better than our 31.5% forecast due to better control of non-programming costs. While revenue and AOCF met or beat expectations, subscriber trends disappointed for the second consecutive quarter. With Net Debt / EBITDA reaching 4.8x, including the Bresnan proceeds, we believe that Cablevision is near the level where it can resume share repurchases. We expect an improvement in AOCF and declining capital spending in the coming years but do not think free cash flow will exceed $500mn for some time, making Cablevision expensive on FCF yield despite the improvement in shareholder returns." Cablevision shares were inactive during pre-market trading on Monday. The stock is up 23.36% year-to-date. The Bottom Line Shares of Cablevision Systems Corp (CVC) offer a dividend yield of 3.26% based on Friday's closing price of $18.43 and the company's annualized dividend payout of 60 cents per share. Cablevision Systems Corporation (CVC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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.
Cablevision Q2 Profit Rises; Earnings from Continuing Operations Top Estimates (CVC)Aug 2, 2013Cable operator Cablevision Systems Corporation (CVC) reported early on Friday that its second quarter net income more than doubled year-over-year. However, earnings from continuing operations declined 63%. Nonetheless, earnings per share from continuing operations beat analysts' estimates. The Bethpage, New York-based company posted a second quarter net income of $135.36 million, or 51 cents per share, up from $63.53 million, or 24 cents per share, earned in the same period a year ago. Cablevision's income from continuing operations came in at $28.22 million, or 11 cents per share, down from $77.239 million, or 29 cents per share, last year. On average, analysts were expecting the company to see earnings from continuing operations of 5 cents per share. The company's quarterly revenues came in at $1.57 billion, up slightly from the $1.56 billion in revenues posted in the second quarter of 2012. Analysts were expecting the company to see revenues of $1.58 billion in the quarter. Cablevision shares were inactive during pre-market trading on Friday. The stock is up 24.77% year-to-date. The Bottom Line Shares of Cablevision (CVC) offer a dividend yield of 3.22% based on last night's closing price of $18.64 and the company's annualized dividend payout of 60 cents per share. Cablevision Systems Corporation (CVC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 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.
S&P Cuts Rating on Cablevision to "Negative" (CVC)Jun 25, 2013The S&P's Rating Services announced on Tuesday that it has lowered its rating on cable operator, Cablevision Systems Corporation (CVC) . S&P analysts have given the company a 'BB' credit rating and have cut its outlook from "Stable" to "Negative." The company's weak performance is partially due to its struggling operations in the New York metropolitan area. Additionally, the decline has created increased debt leverage. Although this is expected to improve, it may result in another downgrade. Richard Siderman, an analyst for S&P noted, "the negative outlook reflects recent, weaker performance at Cablevision Systems' key metropolitan New York cable operations that has increased debt leverage to around 7x for the first quarter of 2013, on an annualized basis." "We expect improvement in leverage mostly from EBITDA growth, but would lower the rating by one notch if the pace of leverage reduction during 2013 is not sufficient, in our view, to put the company on a path toward achieving 5x leverage in 2014. Cable revenues (which contribute around 90% of consolidated revenues) were down only slightly in the first quarter of 2013 compared with the year-ago period, but the reported cable EBITDA margin fell to 28% from 36% due to markedly higher operating expenses. (All cable results exclude the Optimum West properties that we expect the company to sell shortly and are reported as discontinued operations). Programming expenses were up 12% in the first quarter of 2013 and we expect continuing, significant programming cost inflation. Labor costs rose materially in the first quarter of 2013 compared with the year-ago period as a result of increased compensation for nonexecutive employees that went into effect in May 2012. Meaningful improvement in EBITDA and debt leverage, in our opinion, is most likely to come from a combination of cable rate increases and realization of operating efficiencies from the substantial plant and system investments that were accelerated into 2012," added the analyst. Cablevision shares were mostly flat during premarket trading Tuesday. The stock has been mostly flat YTD. The Bottom Line Shares of Cablevision Systems Corporation (CVC) have a 4.06% yield based on Monday's closing price of $14.79. Cablevision Systems Corporation (CVC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 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.
Cablevision Systems Slips to a Loss in Q1; Misses Wall Street Estimates (CVC)May 9, 2013Before the opening bell on Thursday, telecommunications company Cablevision Systems Corporation (CVC) reported a first quarter loss on lower revenues. The company's shares fell in early trading on Thursday as both results came up short of Wall Street views. The Bethpage, New York-based company posted a first quarter net loss of $16.14 million, or 6 cents per share. In the first quart last year, the company posted a profit of $57.25 million, or 21 cents per share. Analysts were expecting the company to earn 5 cents per share in the quarter, according to those polled by Thomson Reuters. Despite an increase in high-speed data prices and continued growth of data and voice customers, Cablevision's quarterly revenue fell 0.8% to $1.52 billion from $1.535 billion last year. Analysts were expecting the company to see revenue of $1.64 billion for the quarter. The primary reason for the decline in Cablevision's total first quarter revenue was a 0.7% decline in the company's Cable Television segment revenue, which came in at $1.36 billion. This segment saw lower video revenues and a drop in advertising revenue. Cablevision CEO James Dolan said, “Cablevision started the year off delivering sequential growth in our customer relationship, high-speed data and voice subscriber metrics, all while continuing to recover from the impact of Superstorm Sandy. In the second quarter, we anticipate the positive impact of our recent pricing moves as well as an improved advertising outlook to lead to sequential improvement in our AOCF. As we move through 2013, our ongoing efforts to enhance our customers’ experience with our products and services will continue, and we will remain focused on balancing these operational initiatives with our financial performance.” Cablevision shares were down 78 cents, or -5.31%, during Thursday morning trading. The stock is down -2.95% year-to-date. The Bottom Line Shares of Cablevision (CVC) have a dividend yield of 4.08% based on Thursday's intraday trading price of $14.69 and the company's annualized dividend payout of 60 cents per share. Cablevision Systems Corporation (CVC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 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.
Jefferies Lowers Price Target on Cablevision (CVC)Mar 6, 2013Jefferies reported on Wednesday that it has lowered its price target on cable television operator, Cablevision Systems Corporation(CVC) . The firm, which currently has a "Hold" rating on CVC, has reduced the company's price target due to weak fourth quarter results from $17 to $16. This price target suggests a 13% increase from the stock's current price of $13.91. An analyst from the firm commented, "CVC noted that content costs climbed 12% YoY in 2012 and it expects a similar increase this year. Given the level of competition in CVC's markets from FiOS and the recent broadband price hike, we believe the company has few levers to pull to offset the margin pressure." Looking ahead, the firm sees first quarter earnings of 16 cents per share. Analysts have raised their EPS estimate for FY2013 from 79 cents per share to $2.31 per share. Cablevision shares were mostly flat during Wednesday morning trading. The stock has has been mostly flat in the past year. The Bottom Line Shares of Cablevision Systems Corporation(CVC) have a 4.29% yield, based on Wednesday morning's price of $13.99. Cablevision Systems Corporation(CVC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 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.