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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Time Warner Inc. New | NYSE:TWX | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 98.91 | 0.00 | 01:00:00 |
Time Warner Inc. said its fourth-quarter profit shrank 12% as the media company posted higher costs and write-downs, offsetting revenue growth.
Time Warner is spinning off its publishing business, whose titles include Time, Sports Illustrated and People, as print media has struggled with a yearslong downturn in ad revenue with more marketers shifting spending to the Internet. The publisher has been laying off staff and cutting costs as part of a broader effort to simplify operations at its magazines and respond to shrinking print ad revenue.
In the latest quarter, revenue at Time Inc. was essentially flat at $966 million, on 6% lower subscription revenue but 2% higher advertising revenue.
After the magazine unit's spinoff, Time Warner will be focused exclusively on film and television entertainment businesses, primarily cable networks that continue to drive the company's growth.
The Turner segment reported 3% higher revenue to $2.5 billion, on a 6% rise in subscription revenue and 1% higher advertising revenue. The Home Box Office unit recorded a 6% increase in revenue to $1.3 billion, on 8% growth in subscriptions, which partially was offset by a 9% decline in content revenue. Warner Bros. unit revenue rose 7% to $4 billion, mainly on stronger theatrical and videogames slates.
Overall, Time Warner reported a profit of $983 million, or $1.06 a share, down from $1.11 billion, or $1.15 a share, a year earlier. The company recorded $105 million in asset impairments in the latest period, with $79 million of the total related to Time Inc. Excluding those impairments and other items, per-share earnings grew to $1.17 from $1.16.
Revenue improved 4.9% to $8.57 billion, while cost of revenue increased 7.7%.
Analysts polled by Thomson Reuters expected earnings of $1.15 a share on $8.39 billion in revenue.
For the new year, the company forecast adjusted per-share income to rise in the low-double digits, excluding Time Inc., compared with estimates of a 13% rise from analysts.
Time Warner raised its quarterly dividend 10% to 31.75 cents, payable March 15 to shareholders of record Feb. 28. The company's board also approved a buyback of $5 billion, replacing the amount remaining under the prior authorization.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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