The Register Citizen (Torrington, CT)
Charter keeps growing, extends CEO’s contract
STAMFORD — Charter Communications, one of the country’s largest internet, cable and phone providers, reported Friday growing customer demand for the third quarter and also confirmed a contract extension for CEO and Chairman Tom Rutledge.
Across Stamford-based Charter’s 41-state footprint, demand is growing sharply for home internet connections amid a surge in remote working and online learning during the coronavirus crisis. The company added 537,000 internet customers in the past quarter, with 494,000 of them residential consumers. In total, it served 28.6 million internet customers, up 9 percent from last year.
At the same time, it added 67,000 video customers. Its customer base for video totaled nearly the same as a year ago, at 16.2 million.
“Voice” phone services lost 25,000 customers. The 10.5 million customers for those services decreased 2 percent from last year.
The company also added 363,000 mobile lines, with the company now serving 2.1 million mobile lines.
“Our operating and investment strategy has allowed us to sustain and accelerate our customer and financial growth,” Rutledge said on a call with investment analysts.
Charter shares closed Friday at about $604, rising nearly 5 percent from Thursday.
This week, Charter’s Board of Directors approved the extension of Rutledge’s contract to the end of 2024. Rutledge, 67, has served as CEO of Charter, the No. 71 company on this year’s Fortune list, since 2012.
Quarterly revenues increased 5 percent, to about $12 billion, powered by growing income from its internet and mobile services and advertising.
Profits leaped to $814 million, compared with $387 million in the same period last year. Company officials attributed the jump to higher adjusted earnings.
Reflecting its growth, Charter plans to start moving in early next year to its new 500,000-square-foot headquarters building at, 406 Washington Blvd., next to the downtown Stamford Metro-North Railroad station.
The company employs
about 1,300 who are based in Stamford, with the company’s headquarters currently located at 400 Atlantic St., supported by offices in the neighboring tower at 201 Tresser Blvd.