Business

Time Warner Cable chief kisses off profit miss

Time Warner Cable stock sank 4.2 percent Thursday after the cable company missed slightly on second-quarter profit and revenue expectations — but that didn’t stop CEO Rob Marcus from taking a victory lap anyway.

The company, which last winter announced it agreed to be bought by Comcast, did push up average revenue per customer by 1.7 percent to $106.98.

The firm, the No. 2 cable company in the US, bagged an even bigger increase from broadband customers, pushing the average monthly bill up by 9.7 percent, to $46.92.

“Subs were strong and ARPU [average revenue per user] growth accelerated and we made terrific progress,” the CEO boasted.

Marcus is set to bag $79.9 million in severance payments if Washington regulators sign off on the deal with Comcast, the No. 1 cable firm.

Meanwhile, Marcus told Wall Street not to expect any additional carriage deals for its West Coast sports network, SportsNet LA, during the rest of the season.

TWC is under pressure from the FCC to come to an agreement to distribute the channel, which is not available in DirecTV homes because of the $4 per subscriber monthly fee.

TWC shares fell to $145.10 on Thursday.