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Time Warner Earnings Flat

Nov 5, 2008  •  Post A Comment

Time Warner reported flat financial results for the third quarter, and said it was adjusting its full-year business outlook in the face of a “challenging economic environment.” Net income was $1.07 billion, or 30 cents a share, compared with $1.09 billion, or 29 cents a share, in the same quarter a year ago. Revenues were $11.7 billion in the quarter, little changed from last year. Earnings were up at Time Warner’s networks and cable segments, while AOL continued to be a drag. Ad revenues at Turner Broadcasting were up 9%, a contrast to Viacom’s networks, which were down 2% for the quarter. Because of a charge of $100 million due to restructuring of its magazine division, as well as the economic outlook, the company said it expected adjusted operating income to be up 5% for the year, compared to its earlier estimate of 7% to 9% growth.
Time Warner’s earnings release can be found here. Time Warner Cable beat profit expectations for the third quarter, but lowered its full-year forecasts, according to Reuters.
–Jon Lafayette

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