Time Warner (TWX) Tops Q3 Views on Strong Film, Networks Numbers; Boosts Outlook
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Financial Fact:
Cash dividends declared per share of common stock: 0.4
Today's EPS Names:
SQZB, ARDS, MDRX, More
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Shares of Time Warner (NYSE: TWX) are trading almost 1 percent higher pre-market Wednesday following third-quarter results.
Revenue increased 11 percent from $6.377 billion during the same quarter last year to $7.068 billion.
Net income increased 57.5 percent to $822 million, or 78 cents per diluted share. Adjusting for certain items brings earnings to 79 cents per share in the quarter.
Analysts on the Street had been expecting revenue of $6.98 billion and earnings of 76 cents per share.
Time Warner attributes the jump in revs to improved results in its Filmed Entertainment and Networks segments, with revenue increasing 19 and 7 percent, respectively.
"This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year," commented CEO Jeff Bewkes. "Underscoring our confidence in the value of our stock and our strategic position, during the last few months we accelerated the pace of our stock repurchases, and we have repurchased $3.7 billion of our stock so far this year."
Looking ahead, Time Warner raised it's fiscal 2011 earnings growth expectations from the low-teens range to the high-teens range. With a 16 to 19 percent range, that puts potential 2011 EPS at $2.80 to $2.87. The Street is currently looking for EPS of $2.78.
Time Warner shares last traded at $34.15.
Revenue increased 11 percent from $6.377 billion during the same quarter last year to $7.068 billion.
Net income increased 57.5 percent to $822 million, or 78 cents per diluted share. Adjusting for certain items brings earnings to 79 cents per share in the quarter.
Analysts on the Street had been expecting revenue of $6.98 billion and earnings of 76 cents per share.
Time Warner attributes the jump in revs to improved results in its Filmed Entertainment and Networks segments, with revenue increasing 19 and 7 percent, respectively.
"This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year," commented CEO Jeff Bewkes. "Underscoring our confidence in the value of our stock and our strategic position, during the last few months we accelerated the pace of our stock repurchases, and we have repurchased $3.7 billion of our stock so far this year."
Looking ahead, Time Warner raised it's fiscal 2011 earnings growth expectations from the low-teens range to the high-teens range. With a 16 to 19 percent range, that puts potential 2011 EPS at $2.80 to $2.87. The Street is currently looking for EPS of $2.78.
Time Warner shares last traded at $34.15.
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