TWC’s Britt: Hurricane Sandy damages ‘not significant’
Time Warner Cable CEO Glenn Britt started out this morning’s third-quarter earnings call by thanking his employees for their work before and after Hurricane Sandy, along with a brief update on the storm damages.
Last week, Barclays analyst James Ratcliffe said Cablevision’s financial hit for Hurricane Sandy could be as much as $36 million, but Britt said Time Warner Cable was still evaluating Hurricane Sandy’s impact.
“I would note that we have sustained some damage to our facilities, vehicles and outdoor plant, almost entirely here in New York City,” Britt said. “We’re still evaluating the loss and the extent of insurance coverage, but we don’t expect the amount to be very significant. Certainly on a relative basis, it pales in comparison to the losses that so many families, businesses and communities have suffered.”
Time Warner Cable chief financial officer Irene Esteves backed up Britt’s comments that the expenses related to Sandy were expected to be modest, but those costs were still being evaluated.
Time Warner Cable offers services in areas of New York City, upstate New York and in the Carolinas.
“I want to begin by thanking all of our employees who worked in many ways to help keep our customers informed and connected during last week’s storm, as well as those who have been dealing with the many aftereffects,” Britt said at the start of the conference call. “I’m truly inspired by the tremendous dedication of our residential/commercial operations and customer care teams, as well as our news channels. Our customers have noticed our hard work and they appreciate it, as do I.”