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Time Warner Profit Down 38% In 3Q But Beats Expectations

Source: The Huffington Post | Full News Feed

Nov 04, 2009

Summary

NEW YORK — Media conglomerate Time Warner Inc. reported a 38 percent drop in third-quarter profit, hurt by declines at its AOL and publishing segments.

But the results beat expectations and the company is boosting its full-year earnings forecast.

The media company, based in New York, said it is still on track to spin off its struggling AOL unit.

Time Warner, which also owns the Warner Bros. movie studio and the HBO and Turner cable networks, said Wednesday its profit fell to $661 million, or 55 cents per share, in the July-September quarter, down from $1.1 billion, or 89 cents per share, a year ago.

Excluding unusual items, earnings came to 61 cents a share. That tops the analysts' average forecast of 53 cents, according to a survey by Thomson Reuters.

Last year's earnings included results from Time Warner's spun-off cable unit, Time Warner Cable Inc. Earnings from continuing operations fell a more modest 14 percent.

Revenue fell 6 percent to $7.1 billion, in line with analysts' estimates, from $7.6 billion a year ago.

The company expects adjusted earnings o

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