NEW YORK ( TheStreet) -- Time Warner Cable ( TWC) added enough new subscribers during the second quarter to post profit and sales increases and surpass Wall Street expectations for the second quarter.

The recently spun-out company, cleaved from one-time parent Time Warner ( TWX) earlier this year, posted a per-share profit of 91 cents (excluding items), significantly above analysts' estimates of 79 cents.

Including those items, Time Warner Cable's earnings came in at $316 million, or 89 cents a share, up from the year-ago period's $277 million, or 85 cents a share.

On the top line, the company reported revenue of almost $4.5 billion, up 4% from the year-ago period.

In its pre-market press release, Time Warner Cable estimated that it added about 150,000 net subscribers (totaling all of video, Internet and phone services) during the second quarter.

Breaking it down by business segment, voice revenue paced the gains, rising 19% to $471 million on the back of fresh subscriptions, despite a decline in prices, the company said.

Revenue from plain old TV cable -- or "video" -- rose 3% to $2.7 billion. Internet services grew 9% to $1.1 billion.

Shares of Time Warner Cable nevertheless lost $1.10, or 3%, to $32.78 by midday Wednesday. Volume was moderate.

Most other big cable players have yet to report. Comcast ( CMCSA) is slated to release quarterly results on August 6 and Cablevision ( CVC) on Thursday morning.

--Reported by Scott Eden in New York.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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