NEW YORK, N.Y. – Time Warner Inc. (TWX) on Wednesday reported net income that increased by 11 per cent in its second quarter, and topped analysts’ expectations.
The New York-based company said profit increased to $850 million, or 95 cents per share, from $771 million, or 81 cents per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, were 98 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The company said revenue rose 3 per cent to $6.79 billion from $6.61 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $6.97 billion, according to Zacks.
Last year’s results have been adjusted to reflect Time Inc. as discontinued operations. Time Warner spun off that business in June.
Time Warner shares have increased $15.47, or 22 per cent, to $85.19 since the beginning of the year, while the Standard & Poor’s 500 index has risen 3.9 per cent. The stock has climbed $22.13, or 35 per cent, in the last 12 months.