Time Warner (TWX) Tops Q3 EPS by 46c; Raises Outlook
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Time Warner (NYSE: TWX) reported Q3 EPS of $1.83, $0.46 better than the analyst estimate of $1.37. Revenue for the quarter came in at $7.2 billion versus the consensus estimate of $6.98 billion.
Time Warner sees FY2016 EPS of $5.45-$5.55, versus the consensus of $5.43.
Chairman and Chief Executive Officer Jeff Bewkes said: “We had a strong third quarter, which keeps us on track to exceed our original 2016 outlook and underscores our leadership in creating and distributing the very best content. In television, HBO took home more Primetime Emmy Awards than any other network for the 15th consecutive year and Time Warner’s divisions won a total of 40 Emmys, more than any other company. CNN’s standout election coverage made it the #1 news network in primetime among adults 18-49 for the fourth consecutive quarter and Turner’s momentum doesn’t stop there. Year-to-date, TBS, TNT and Adult Swim are three of the top five ad-supported cable networks in primetime among adults 18-49. In film, Warner Bros. had a strong quarter led by Suicide Squad and has the #1 release of the fall in Sully, while anticipation is off the charts for J.K. Rowling’s Fantastic Beasts and Where to Find Them, which hits the big screen on November 18.”
Mr. Bewkes continued: “The agreement we announced on October 22 to be acquired by AT&T Inc. represents a great outcome for our shareholders and an excellent opportunity to drive long-term value well into the future. Combining with AT&T is the natural next step in the evolution of our business and allows us to significantly accelerate our most important strategies.”
For earnings history and earnings-related data on Time Warner (TWX) click here.
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