Updated with TWC performance through nine months in 2010, CEO comments

NEW YORK ( TheStreet) -- Time Warner Cable ( TWC) reported third-quarter earnings that beat Wall Street estimates, with subscription revenue up 4.5% in the quarter.

Time Warner Cable said third-quarter net income rose 34.3% to $360 million, or $1 a share, compared with net income of $268 million, or 76 cents a share, in the year-ago quarter.

Analysts polled by Thomson Reuters were looking for a profit of 89 cents a share on revenue of $4.72 billion.

Revenue increased 5.2% from a year ago to $4.73 billion from $4.5 billion a year earlier. Video, high-speed data and voice subscription revenue was higher from a year ago, and advertising revenue jumped 22.5% during the quarter.

Subscriber metrics were a mixed bag for Time Warner Cable. The company saw net declines in video, digital video and single play subscribers. High-speed data, digital phone, double play and triple play subscriber counts all saw net additions. Subscription revenue was up 4.5% to $4.5 billion from $4.32 billion, due to a 3.5% increase in residential subscription revenues and a 21.6% increase in commercial subscription revenues.

For the first nine months of the year, earnings rose 22.5% to $916 million, or $2.55 a share, compared with earnings of $748 million, or $2.14 a share, in the same period a year ago. Revenue rose 5.5% to $14.07 billion from $13.34 billion.

Time Warner Cable also announced a $4 billion share repurchase program, as analysts expected. CEO Glenn Britt called the repurchase plan a "good complement" to the company's regular quarterly dividend.

"We're introducing several new offerings that give our customers control in ways that are simple and easy. We're performing well financially, despite the economic and competitive climate," CEO Glenn Britt said. "Our confidence in the strength and stability of our cash flow makes it possible to return a large amount of capital to shareholders through regular dividends and the $4 billion share repurchase program we announced this morning."

Shares of Time Warner Cable closed Wednesday at $59.66.

-- Written by Robert Holmes in Boston.

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