Time Warner and Yum! Brands released their latest earnings reports before opening bell this morning. Time Warner reported adjusted earnings of $1.66 per share on $7.74 billion in revenue, compared to the analyst estimates of $1.45 per share and $7.67 billion in revenue. In last year’s first quarter, the company reported $1.49 per share in adjusted earnings and $7.3 billion in revenue.
Yum! posted adjusted earnings of 65 cents per share on $1.42 billion in revenue, compared to the consensus estimates of $1.39 billion and 59 cents per share. In last year’s first quarter, the fast food chain operator reported $1.44 billion in sales and 55 cents per share in revenue.
Time Warner sees growth in all divisions
Time Warner’s GAAP earnings rose to $1.80 per share from $1.51 in last year’s first quarter. Home Box Office revenue rose to $1.57 billion from $1.51 billion last year, while consensus was looking for $1.55 billion. Turner revenue grew to $3.09 billion, which was in line with the consensus, from $2.91 billion last year. Warner Brothers revenue increased to $3.37 billion from $3.11 billion a year ago; consensus had been looking for $3.23 billion.
“Warner Bros. delighted audiences in both film and television, with global hits in Kong: Skull Island and The LEGO Batman Movie and more series across broadcast for the current season than any other studio,” Time Warner Chairman and CEO Jeff Bewkes said in a statement. “Turner had another successful airing of the NCAA Division I Men’s Basketball Tournament across platforms, while CNN grew its total day ratings by 21% among adults 25-54, and remained the leader in digital news.”
Shares of Time Warner were unchanged at $99.33 in premarket trades this morning.
Yum! Brands shares rise
Yum! Brands’ GAAP earnings rose to 77 cents per share from 54 cents per share in the year-ago quarter. Worldwide system sales increased 5% year over year on the back of a 2% increase in same store sales and a 3% increase in net units. Same store sales at the Taco Bell Division increased 8%, while system sales for the division grew 12%. KFC Division system sales grew 5% year over year on the back of a 2% increase in same store sales for the division. System sales for the Pizza Hut Division were flat with last year as same store sales in the division declined 3% year over year.
Shares of Yum! Brands jumped by as much as 2.2% to $67.80 in premarket trading.