Time Warner Inc. (TWX) posted higher first-quarter net income attributable to shareholders of $720 million, or $0.75 per share, versus $583 million, or $0.59 per share in the year-ago quarter. Adjusted earnings per share for the period were $0.82, up compared with $0.67 in the prior year's first quarter, due to higher adjusted operating income and fewer shares outstanding. On average, 28 analysts polled by Thomson Reuters expected earnings per share of $0.74 for the quarter. Analysts' estimates typically exclude one-time items.
First-quarter revenues of $6.94 billion were essentially flat compared with last year, as growth at the Networks segment wasoffset by declines at the Film and TV Entertainment and Publishing segments, according to the company. Analysts estimated revenues of $7.12 billion for the quarter. Excluding Publishing, revenues were flat, adjusted operating profit climbed 10% and operating profit grew 13%.
Additionally, Time Warner confirmed its 2013 full-year outlook, still expecting its percentage growth rate in adjusted net income per share to be in the low double digits off a 2012 adjusted EPS base of $3.28, while 31 analysts project annual earnings of $3.68 per share.
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