Cablevision (CVC) Stock Slumps in After-Hours Trading on Earnings Miss
NEW YORK (TheStreet) -- Cablevision Systems (CVC) stock is retreating by 0.22% to $32.39 in after-hours trading on Tuesday, after the company reported 2015 third quarter earnings results after the market close today.
The cable operator posted earnings of 8 cents per share for the most recent quarter, down from 26 cents per share for the year ago period.
Revenue fell year over year, to $1.61 billion from $1.63 billion for the 2014 third quarter.
Analysts surveyed by Thomson Reuters expected earnings of 23 cents per share on revenue of $1.65 billion.
In September, Cablevision approved a merger with cable-based services company Altice valued around $17.7 billion. The deal is expected to close in early 2016.
"The third quarter was highlighted by the announcement of Cablevision's sale to Altice for $34.90 per share - an acquisition that will deliver significant value for our shareholders," CEO James Dolan said in a statement. "In the meantime, together with Altice we are moving full speed ahead to obtain the necessary regulatory approvals, while we remain focused on delivering superior products and outstanding service to our customers."
Separately, TheStreet Ratings team rates CABLEVISION SYS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate CABLEVISION SYS CORP (CVC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: CVC
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