Cable One, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a decline in revenues alongside an increase in net income for the quarter. For the three months ended September 30, 2024, revenues totaled $393.6 million, a decrease of 6.4% from $420.3 million in the same period of 2023. For the nine months, revenues were $1.2 billion, down 5.8% from $1.3 billion in the prior year. The decline in revenue was primarily attributed to decreases in residential data and video services, with residential data revenues falling to $230.4 million and residential video revenues decreasing to $53.7 million.

Despite the revenue drop, net income for the third quarter increased significantly to $44.2 million, up 45.9% from $30.3 million in the prior year. This increase was driven by a reduction in interest expenses and other income improvements. For the nine-month period, net income slightly decreased to $119.7 million from $121.1 million in 2023. Basic net income per share for the third quarter rose to $7.86, compared to $5.40 in the same period last year.

Operating expenses for the third quarter were $283.3 million, down from $287.8 million in 2023, while adjusted EBITDA decreased to $213.6 million, a 7.1% decline from the previous year. The company reported a decrease in average revenue per user (ARPU) for residential data services, which fell to $79.61, down 7.1% from the previous year.

On the balance sheet, as of September 30, 2024, cash and cash equivalents increased to $226.6 million from $190.3 million at the end of 2023. Total stockholders' equity rose to $1.9 billion, up from $1.8 billion at the end of the previous fiscal year. However, total current liabilities surged to $359.8 million, significantly higher than $202.8 million at the end of 2023, primarily due to increased accounts payable and accrued liabilities.

Strategically, Cable One made a $20 million investment in AMG Technology Holdings, LLC, increasing its equity interest to approximately 22%. The company is focusing on enhancing its broadband services and expanding its fiber network, while also addressing challenges in its video and voice service segments due to rising competition and costs. The company continues to prioritize capital investments in infrastructure to support growth in higher-margin residential and business data services.