Time Warner reports 10% profit increase
Source: Agencies |
May 6, 2010, Thursday
|
Print Edition
Print Edition
TIME Warner Inc said yesterday its first-quarter profit rose 10 percent, helped by better advertising revenue and strong home video sales.
The advertising gains are encouraging, as the media and entertainment conglomerate reported a decline in the fourth quarter.
Time Warner earned US$725 million, or 62 cents per share, for the period ended March 31. Last year it made a profit of US$660 million, or 55 cents per share. Removing one-time items, profit was 61 cents per share.
Revenue climbed 5 percent to US$6.32 billion from US$6 billion, the biggest increase in almost two years.
"The advertising recovery benefited both Turner and Time Inc, while the continuing popularity of The Blind Side and Sherlock Holmes helped lift Warner Bros' home video sales," Chairman and CEO Jeff Bewkes said.
The performance surpassed the expectations of analysts polled by Thomson Reuters, who forecast a smaller profit of 48 cents per share on revenue of US$6.25 billion. These estimates generally take out one-time items.
At the network division, which houses HBO and Turner Broadcasting, revenue rose 9 percent on a 7 percent increase in subscription revenue, a 9 percent rise in ad revenue and a 22 percent increase in content revenue.
The film unit, which houses Warner Brothers, reported a 2 percent revenue increase mainly on improved home video sales. Revenue for the publishing division, including Time Inc, dipped 1 percent.
The advertising gains are encouraging, as the media and entertainment conglomerate reported a decline in the fourth quarter.
Time Warner earned US$725 million, or 62 cents per share, for the period ended March 31. Last year it made a profit of US$660 million, or 55 cents per share. Removing one-time items, profit was 61 cents per share.
Revenue climbed 5 percent to US$6.32 billion from US$6 billion, the biggest increase in almost two years.
"The advertising recovery benefited both Turner and Time Inc, while the continuing popularity of The Blind Side and Sherlock Holmes helped lift Warner Bros' home video sales," Chairman and CEO Jeff Bewkes said.
The performance surpassed the expectations of analysts polled by Thomson Reuters, who forecast a smaller profit of 48 cents per share on revenue of US$6.25 billion. These estimates generally take out one-time items.
At the network division, which houses HBO and Turner Broadcasting, revenue rose 9 percent on a 7 percent increase in subscription revenue, a 9 percent rise in ad revenue and a 22 percent increase in content revenue.
The film unit, which houses Warner Brothers, reported a 2 percent revenue increase mainly on improved home video sales. Revenue for the publishing division, including Time Inc, dipped 1 percent.
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