Charter Communications profit rises in 2024, but broadband users fall

(Alliance News) - Charter Communications Inc on Friday reported higher earnings and revenue for 2024, supported by growth in mobile subscriptions and advertising, but saw a decline in broadband customers.

The Stamford, Connecticut-based telecommunications and mass media firm said annual revenue rose 0.9% to USD55.09 billion from USD54.61 billion in 2023, while adjusted earnings before interest, taxes, depreciation and amortisation increased 3.1% to USD22.57 billion from USD21.89 billion.

For the three months to December 31, revenue increased 1.6% to USD13.93 billion from USD13.71, while adjusted Ebitda grew 3.4% to USD5.76 billion from USD5.57 billion.

The company added 529,000 mobile lines in the quarter, bringing its total to 9.9 million, an increase of 2.1 million in 2024.

However, internet customers declined by 177,000 in the quarter, following a loss of 61,000 in the same period last year. Charter attributed this to the end of the Federal Communications Commission's 61,000 in the second quarter and hurricane-related disruptions in the fourth quarter.

Chief Executive Officer Chris Winfrey said: "Our multi-year investments in network evolution, expansion and execution are delivering tangible results. By having the best network, the best products and delivering customers the most value with unmatched service, we are well-positioned for customer and profitability growth and have clear visibility to free cash flow growth following this unique one-time investment cycle."

For the full year, free cash flow rose to USD4.26 billion from USD3.49 billion, while capital expenditures increased to USD11.27 billion, including USD4.22 billion for network expansion.

Looking ahead, Charter expects capital spending to total around USD12 billion in 2025, with USD4.2 billion allocated to further network extensions and USD1.5 billion for upgrading its broadband infrastructure.

Shares in Charter Communications were up 4.0% at USD350.00 in pre-market trading on Friday in New York.

By Eva Castanedo, Alliance News reporter

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