Time Warner 4Q earnings up

Time Warner Inc. said Wednesday that net income grew 51% in the last three months of 2012 even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at its movie studio and magazine businesses.Net income was $1.17 billion, or $1.21 a share, for the final three months of 2012. That's up from $773 million, or 76 cents a share, a year earlier.Adjusted for one-time items, earnings came to $1.17 per share. That beat the $1.10 per share that analysts surveyed by FactSet expected.Revenue edged down to $8.16 billion from $8.19 billion a year ago. Analysts expected revenue of $8.22 billion.Time Warner also said Wednesday that it is raising its quarterly dividend by 11% to 28.75 cents per share.Time Warner's stock increased $1.54, or 3.1%, to $51.50 in premarket trading 70 minutes ahead of the market opening.Revenue at Time Warner's TV business grew 5% to $3.7 billion as U.S. TV distributors paid more to carry channels such as TNT, TBS and CNN on their lineups. The company also had more U.S. subscribers for the HBO premium channels and saw growth internationally across the TV business, despite unfavorable currency-exchange rates. Revenue from those distributor and subscription fees rose 7%.Ad revenue at the networks increased 3% because of better rates, more NBA games shown on Time Warner channels and increased viewership at CNN during the presidential election season. Licensing and other... Continue reading at 'Crains New York'

[ Crains New York | 2013-02-06 00:00:00 UTC ]

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