Time Warner and Allergan released their latest earnings reports before opening bell this morning. Time Warner posted adjusted earnings of $1.83 per share on $7.2 billion in revenue. Analysts had been expecting $1.37 per share in earnings and $7.01 billion in revenue. In last year’s third quarter, the media giant reported $6.56 billion in revenue.

Allergan posted adjusted earnings of $3.32 per share, compared to the consensus of $3.56 per share, and revenue of $3.62 billion, compared to the consensus of $3.68 billion. In last year’s third quarter, the drug maker posted revenue of $3.47 billion.

Time Warner raises guidance

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Time Warner’s GAAP earnings rose to $1.87 per share from $1.26 per share in the same quarter last year. Turner revenue grew to $2.6 billion, while Warner Bros. revenue rose to $1.4 billion. Home Box Office revenue increased to $1.4 billion, while Intersegment eliminations improved to -$271 million.

Time Warner also increased its full-year guidance this morning. The company expects full-year earnings to be between $5.45 and $5.55 per share, compared to the consensus of $5.43 per share. Including a benefit of 28 cents per share from taxes recognized in the third quarter related to a tax accounting change that was approved by the IRS, the company expects adjusted earnings of $5.73 to $5.83 per share.

Shares of Time Warner jumped by as much as 1.98% to $90 per share in premarket trading.

Allergan initiates dividend

Allergan

Allergan’s GAAP loss from continuing operations improved to $1.15 per share from last year’s operating loss of $2.40 per share. Adjusted EBITDA fell to $1.9 billion from $2 billion last year.

Allergan expects full-year revenue to be between $14.45 billion and $14.65 billion, compared to the FactSet consensus of $14.73 billion. The drug maker expects full-year adjusted earnings to be between $13.30 and $13.50 per share.

The company also said it will initiate a quarterly dividend of 70 cents per share starting in March. Allergan has completed the $5 billion share repurchase program it had announced and intends to buy back an additional $8 billion worth of shares by the end of this month as part of its newly announced $10 billion accelerated stock buyback program.

Allergan shares rose by as much as 1.13% to $211 in premarket trades this morning.