Fri, Aug 2, 10:02 AM (88 days ago)
Cable One, Inc. reported a decline in its financial performance for the quarter ended June 30, 2024. Revenues decreased by 7.0% year-over-year to $394.5 million, primarily due to a reduction in residential data and video service revenues. Operating expenses decreased by 1.6%, but income from operations fell by 18.4% to $110.1 million. Net income dropped by 13.8% to $47.6 million, influenced by lower revenues and increased severance costs. Adjusted EBITDA also decreased by 8.2% to $212.4 million. The company experienced a decline in residential video and voice subscribers, although residential data subscribers saw a slight increase. Cash flow from operations decreased by 8.3% to $155.5 million, while capital expenditures fell by 12.2% to $71.6 million. The company expects continued challenges in its video and voice segments but aims to grow its higher-margin data services.