Pro-forma earnings per share from continuing operations totaled $1.11, beating analysts' average estimate – as compiled by Bloomberg - of 89 cents. The New York-based company also affirmed its earlier outlook for the rest of the year, saying the percentage growth of its earnings observed by analysts will be in "the mid-teens."
STOCKS WEDNESDAY: How markets are doing
Shares of Time Warner rose 0.54% in pre-market trading to $68.60.
Total revenue for the quarter was relatively flat compared to a year ago, inching up 0.2% to $6.58 billion.
Best Growth Companies To Watch For 2014
The TV Network unit's revenue – including ad sales and subscription revenues from Turner Broadcasting, HBO and CNN – rose 5.4% to $3.52 billion.
Ad sales for the cable channels grew 11% during the quarter largely because Turner was able to fetch higher prices. Subscription revenues climbed 4% as more international customers ordered its programming.
TBS, whose shows include "Conan" and reruns of "The Big Bang Theory," had the second highest cable network ratings in primetime for the key viewer segments of adults between the ages of 18 to 34 and 18 to 49, the company said.
HBO remains the gold standard among premium pay channels, with its original series earnings 27 Primetime Emmy Awards this year. That was the most of any network for the twelfth consecutive year, Time Warner noted.
Revenue for the film and TV entertainment unit, which runs Warner Bros. pictures, fell 7% to $2.7 billion.
Revenue for the magazine publishing unit, which Time Warner will spin off early next year, fell 2.4% to $818 million.
No comments:
Post a Comment