Time Warner (TWX) Tops Q1 EPS by 20c

Time Warner (NYSE: TWX) reported Q1 EPS of $1.66, $0.20 better than the analyst estimate of $1.46. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.67 billion.

• Revenues increased 6% to $7.7 billion
• Operating Income grew 4% to $2.1 billion and Adjusted Operating Income grew 7% to $2.2 billion
• Home Box Office posted record quarterly Operating Income and Adjusted Operating Income
• EPS grew 23% to $1.80 and Adjusted EPS grew 11% to $1.66
• Cash Provided by Operations from Continuing Operations and Free Cash Flow totaled $1.5 billion and $1.4 billion, respectively, up 94% and 92%, respectively

Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a strong start to 2017, as we continue to benefit from the investments we’re making in the best content while also developing new revenue streams that will drive growth and meet consumer demand for great experiences built around their favorite programming and brands. Warner Bros. delighted audiences in both film and television, with global hits in Kong: Skull Island and The LEGO Batman Movie and more series across broadcast for the current season than any other studio. Turner had another successful airing of the NCAA Division I Men’s Basketball Tournament across platforms, while CNN grew its total day ratings by 21% among adults 25-54, and remained the leader in digital news. Together, Turner and Warner Bros. also launched our new Boomerang-branded SVOD service, adding to our growing portfolio of products that are reaching consumers directly.”

Mr. Bewkes continued: “Home Box Office shined in the quarter highlighted by our limited series Big Little Lies, which was both a critical and cultural breakout. Last Week Tonight with John Oliver is having its most-watched season to date, and we recently had the much anticipated returns of Silicon Valley and Veep. Looking ahead, we remain on track, pending completion of regulatory reviews and receipt of consents, to close our merger with AT&T Inc. before the end of 2017. We remain excited about the potential for this combination to accelerate the pace of innovation in our businesses.”

For earnings history and earnings-related data on Time Warner (TWX) click here.

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