Time Warner, Chesapeake Energy Corporation Beat Earnings Estimates

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Time Warner and Chesapeake Energy released their latest earnings report before opening bell this morning. Time Warner posted adjusted earnings of $1.25 per share and revenue of $6.56 billion for the third quarter. Analysts had been expecting earnings of $1.09 per share and revenue of $6.5 billion.

Chesapeake Energy posted losses of 5 cents per share and revenue of $2.89 billion. Analysts had been expecting losses of 14 cents per share and $3 billion in revenue.

Time Warner’s Warner Bros. returns solid results

Time Warner’s reported earnings were $1.26 per share compared to last year’s $1.11 per share.

Revenue from the Turner segment fell slightly from $2.45 billion to $2.4 billion, while Home Box Office revenue edged upward slightly from $1.3 billion to $1.37 billion. Warner Bros. revenue increased from $2.8 billion to $3.2 billion. Intersegment eliminations losses widened from $282 million to $391 million.

As of this writing, shares of Time Warner were up 2.17% at $79 per share.

Chesapeake Energy ups production

Chesapeake Energy reported adjusted EBITDA of $560 million, a decline from last year’s $1.2 billion, and net losses of $7.08 per share compared to last year’s net earnings of 26 cents per share. The company produced an average of 667,000 barrels of oil equivalent, which was a 3% increase. Chesapeake produced about 114,100 barrels of oil per day, 2.9 billion cubic feet of natural gas per day, and 76,200 barrels of natural gas liquids per day. Average curtailed production was about 51,000 barrels of oil equivalent.

Chesapeake management said the decline in adjusted EBITDA was mostly due to lower realized prices for oil, natural gas, and natural gas liquid. The company eliminated $200 million in annualized, controllable production and general administrative expenses. Chesapeake also cut its capital guidance to a range of $3.4 billion to $3.9 billion and raised its total production guide for the year to a range of 670 to 680 million barrels of oil equivalent.

As of this writing, shares of Chesapeake Energy were up slightly from Tuesday’s closing price at $7.61 per share in premarket trades.


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