With syndication sales of "Two and a Half Men" offsetting lower box office, and ad sales at both its cable networks and Time Inc., Time Warner was about to beat Wall Street analysts’ expectations for third-quarter profits, Bloomberg reports.
According to the article, "Operating income for the film division fell 31 percent to $200 million in the third quarter. Despite lower overall ratings, ad sales at the cable channels, including Cartoon Network, TNT and CNN, rose 10 percent, in line with the estimate from Spencer Wang, an analyst with Credit Suisse. The unit’s operating income grew 23 percent to $1.14 billion."
Furthermore, the article notes, "Earnings, excluding debt refinancing costs, rose to 62 cents a share from 53 cents, the New York-based company said today in a statement. Analysts projected 53 cents, the average of 22 estimates compiled by Bloomberg".