Time Warner released its latest earnings reports before opening bell this morning. The company posted adjusted earnings of $1.25 per share on $7.9 billion in revenue. Analysts had been expecting $1.19 per share and $7.7 billion.
Time Warner’s GAAP earnings fell to 40 cents per share from $1.06 per share in the year-ago quarter. This amount includes $1 billion in premiums and costs related to the repurchase of debt during the fourth quarter. Currency headwinds amounted to $110 million during the fourth quarter.
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Turner revenues rose to $2.8 billion in the quarter, while Home Box Office revenues ticked upward to $1.5 billion. Warner Bros. revenues rose to $3.9 billion, and Intersegment eliminations declined to -$306 million.
Time Warner reports strong 2016
Management said Warner Bros. again became the top TV show supplier for broadcast networks and recorded its second-best year ever in 2016. The company’s Home Box Office segment received the most Primetime Emmys last year for the 15th year in a row.
“Chairman and Chief Executive Officer Jeff Bewkes said in a statement, “We had another very successful year in 2016, demonstrating once more Time Warner’s ability to deliver strong financial performance alongside creative and programming excellence. All our operating divisions increased revenue and profits while also making investments to capitalize on the growing demand for the very best video content and new ways to deliver it to audiences around the world. Warner Bros. is once again the #1 supplier of television shows for the broadcast networks, and had its second-best year ever at the global box office, nearing $5 billion in receipts with such hits as Batman v. Superman: Dawn of Justice, Suicide Squad and Fantastic Beasts and Where to Find Them.”
Shares of Time Warner rose by as much as 1.33% to $97.50 in premarket trading this morning.