NEW YORK — Time Warner Inc. (TWX) on Wednesday reported fourth-quarter earnings of $718 million.
On a per-share basis, the New York-based company said it had net income of 84 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, came to 98 cents per share.
The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The owner of TV channels like HBO and TBS as well as Warner Bros. studios posted revenue of $7.53 billion in the period, which fell short of Street forecasts. Analysts expected $7.54 billion, according to Zacks.
For the year, the company reported profit of $3.83 billion, or $4.34 per share. Revenue was reported as $27.36 billion.
Time Warner expects full-year earnings in the range of $4.60 to $4.70 per share.
Time Warner shares have decreased slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has risen 26 percent in the last 12 months.
Keywords: Time Warner, Earnings Report
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