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PHILADELPHIA - Cablevision Systems Corp., the diversified cable TV operator serving the New York metro area, is scheduled to report third-quarter earnings before the market opens on Tuesday. The following is a summary of key developments and analyst opinion related to the period.
OVERVIEW: The third quarter is the slowest quarter seasonally for Cablevision, whose Long Island and New Jersey shore customers leave at the end of summer. While the economy is improving, analysts want to see whether competition from Verizon Communications Inc.'s FiOS could be a drag.
Also, Cablevision is set to report whether ad revenue has rebounded at its Newsday daily.
BY THE NUMBERS: Analysts, on average, expect Cablevision's revenue to increase by 4.4 percent to $1.82 billion. They expect earnings per share to nearly triple to 26 cents, according to a survey by Thomson Reuters.
ANALYST TAKE: Thomas Eagan of Collins Stewart expects Cablevision to lose 20,000 basic subscribers, but add 12,000 digital cable customers and 12,000 high-speed Internet clients. As for voice, Eagan sees Cablevision adding 40,000 customers.
He expects revenue to increase by 4 percent from last year and earnings before interest, taxes, depreciation and amortization to rise by nearly 9 percent.
WHAT'S AHEAD: Cablevision is spinning off its Madison Square Garden operations — owner of the arena bearing the same name, as well as the New York Knicks basketball team and Rangers hockey team. The separation is expected to boost the free cash flow of Cablevision's cable TV operations, which had seen a drag from Madison Square Garden.
STOCK PERFORMANCE: Shares of Cablevision, which is based in Bethpage, N.Y., rose $4.34, or 22 percent, during the quarter to $23.75. The stock beat the S&P 500 Index, which rose by 15 percent during the same period.
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