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Time Warner (TWX) Q4 Earnings Jump 51 Pct, Top Estimates; Lifts Div

 February 06, 2013 07:50 AM

(By Balaseshan) Time Warner Inc. (NYSE: TWX) reported a 51.1 percent jump in fourth-quarter earnings due to growth at the Networks and Film and TV Entertainment segments. Despite revenue missing consensus, adjusted earnings exceeded Street's expectations.

On an adjusted basis, earnings per share (EPS) rose to $1.17 from $0.94 in the same period last year and also beat Wall Street expectations of $1.10. Net Income attributable to Time Warner jumped 51.1 percent to $1.17 billion.

Revenue marginally declined 0.4 percent to $8.164 billion as growth at the Networks segment was offset by declines at the Film and TV Entertainment and Publishing segments. Analysts expected revenue of $8.25 billion.

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Revenue from Networks (Turner Broadcasting and HBO) increased 5%, including increases in Subscription revenues and Advertising revenues, partially offset by a decrease of in Content revenues.

Film and TV Entertainment (Warner Bros.) revenues decreased 4%, due mainly to difficult comparisons to the year ago period. Publishing (Time Inc.) revenue declined 7%, reflecting decreases in Advertising revenues, and Other revenues, while Subscription revenues were flat.

Looking ahead for the fiscal 2013, the company expects adjusted EPS growth to be in the low double digits off an adjusted EPS base of $3.28 in 2012, while Street predicts 13.7 percent growth. The outlook reflects the impact of about $60 million in restructuring charges that the company anticipates incurring in 2013 at Time Inc.

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The company said its board of directors has raised quarterly dividend by 11 percent to $0.2875 per share, payable in cash on March 15 to stockholders of record on February 28. On an annual basis, Time Warner's regular dividend will grow from $1.04 to $1.15 per share.

TWX ended Tuesday's regular trading session down 0.95 percent at $49.96. The stock has been trading in the 52-week range between $33.62 and $51.29.



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