Time Warner Raises Earnings Forecast As ‘Man Of Steel’ Contributes To Q2 Strength

The entertainment giant now says that it expects 2013 adjusted net earnings to increase “in the mid-teens” vs 2012, up from three months ago when it anticipated “low double digits” growth. And why not, after the stronger-than-expected results from Q2 out this morning? Time Warner reports net income of $771M, +86.7% vs the period last year, on revenues of $7.44B, +10.3%. The top line beats the $7.11B that analysts expected. Earnings came in at 83 cents a share, ahead of the 76 cents in the Street’s consensus forecast. (For those who keep track of these things, note that Time Warner changed the way it accounts for its investment in Central European Media Enterprises.) The Warner Bros-led Film and TV Entertainment unit benefited from releases including Man Of Steel, The Hangover Part III and The Great Gatsby. Adjusted operating income was up 34% to $184M on revenues of $2.9B, +13%. Overseas TV syndication sales and streaming deals also helped, although the business reports that film and advertising costs were up — as were “restructuring (more…)

This article was printed from https://deadline.com/2013/08/time-warner-q2-earnings-2-558899/