Time Warner (TWX) Tops Q2 EPS by 22c

Time Warner (NYSE: TWX) reported Q2 EPS of $1.25, $0.22 better than the analyst estimate of $1.03. Revenue for the quarter came in at $7.3 billion versus the consensus estimate of $6.9 billion.

Chairman and Chief Executive Officer Jeff Bewkes said: “We had a very strong second quarter, with Revenues up 8% and Adjusted Operating Income growing 15% to a quarterly record of $1.9 billion. Our results were led by Turner and Warner Bros., and were achieved at a time when we’re investing aggressively to position the company for continued growth, including the successful launch of HBO NOW, our standalone domestic streaming service. HBO and its sister service Cinemax recently received a combined 131 Primetime Emmy nominations, with a record 126 for HBO - the 15th year in a row that HBO has led in nominations. In addition to being nominated for Outstanding Drama Series, Game of Thrones' fifth season set a new record for viewers of an HBO series.”

Mr. Bewkes continued: “At Turner, TNT and TBS ranked as the #1 and #2 ad-supported cable networks, respectively, in primetime among adults 18-49, and together with Adult Swim claimed the top 3 spots in primetime among adults 18-34. Cartoon Network was again the only top 3 kids network to grow its 6-11 audience during the quarter and claimed the #2 spot for the first time. And CNN grew primetime viewership in its key 25-54 demo 25% with the help of its award-winning original programming. Warner Bros. concluded a very successful upfront, with 62 programs slated for the upcoming television season, including 29 on broadcast networks. That includes a record 20 returning shows and makes Warner Bros. the top supplier of broadcast series again this year. In the quarter, Warner Bros.’ games business also shined with releases of Batman: Arkham Knight and Mortal Kombat X helping make it the top videogame publisher for the first half of the year. Reflecting our commitment to provide direct returns to shareholders, we have returned more than $2.6 billion in dividends and share repurchases year-to-date.”

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

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