Time Warner Inc (NYSE:TWX) released its third quarter earnings report before opening bell this morning, posting earnings per share of 97 cents, excluding a one-time tax benefit, on $6.2 billion in revenue, a 3% year over year increase. Analysts had been expecting earnings of 94 cents on $6.15 billion in revenue. In the same quarter last year, Time Warner reported adjusted earnings of 91 cents per share on sales of $6.04 billion.

Time Warner Inc Tops Earnings Estimates

Key metrics from Time Warner’s earnings report

This year’s adjusted earnings per share excluded a $639 million tax benefit. Including that benefit, earnings were $1.22 per share. Diluted income per share from continuing operations was $1.11, compared to $1.02 in last year’s third quarter.

The company reported $993 million in adjusted operating income, a 38% decline. Time Warner noted growth in all segments, although “intercompany eliminations” partially offset that growth. The company reported a 38% decline

Time Warner by segment

Time Warner reported double digit increases in subscription revenue from both Turner and HBO. HBO received 19 Emmys, which is the most of any TV network for the 13th consecutive year. TNT was ad-supported cable’s top prime time network for the second quarter in a row, and TBS was second for the 18 to 49 and 25 to 54 demographics. Turner extended its relationship with the NBA through the 2024 to 2025 season, and Warner Bros. saw a strong slate of new fall shows, with Gotham ranking as the second new show in the 18 to 49 demographic and The Flash being the most-watched show ever on the CW.

The company saw revenue from Turner rise 5% to $2.4 billion due to a 10% increase in subscription revenues and a 17% increase in content revenues. A 2% decline in advertising revenues partially offset those gains.

Home Box Office revenue rose 10% to $1.3 billion due to higher subscription and content revenues. Warner Bros. saw a 3% increase in revenue, which rose to $2.8 billion due to higher subscription revenues for video on demand for the company’s content.

Time Warner buys back shares

So far this year, Time Warner has repurchased 69 million of its shares for a total of $4.9 billion. Since Time Warner’s second quarter earnings report in August, it has repurchased 17 million shares for $1.3 billion.