Visitors Now:
Total Visits:
Total Stories:
Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Time Warner Crushes Q3 Estimates as AT&T Takeover Looms

Wednesday, November 2, 2016 5:25
% of readers think this story is Fact. Add your two cents.

(Before It's News)

time-warner-logoMedia giant Time Warner Inc (NYSE:TWX) this morning posted much better than expected earnings results and offered an upbeat forecast, as the company remains on track to be acquired by AT&T next year.

The New York City-based company reported Q3 earnings of $1.83 per share, a full $0.46 better than Wall Street’s $1.37 estimate. Revenues rose 9.2% from last year to $7.17 billion, also easily topping projections for $6.99 billion.

TWX said that Turner revenues rose 9% in the latest period, helped mainly by higher subscription revenues. HBO revenue rose 4% to $1.4 billion on higher subscriptions as well. Warner Brothers revenues increased 7% $3.4 billion, helped by rising theatrical revenues but hampered by sluggish video game revenues.

Looking ahead, Time Warner forecast full-year 2016 earnings to range from $5.45 to $5.55 per share, which would beat Wall Street’s consensus $5.42 estimate.

The company commented via press release:

“The agreement we announced on October 22 to be acquired by AT&T Inc. represents a great outcome for our shareholders and an excellent opportunity to drive long-term value well into the future. Combining with AT&T is the natural next step in the evolution of our business and allows us to significantly accelerate our most important strategies.”

TWX expects the acquisition by AT&T to be completed some time next year, assuming it meets regulatory approvals and rival bidders don’t emerge. Earlier this week, a New York Post report surfaced that Goldman Sachs was pushing Apple to purchase the company, but so far there’s been no follow-up on that development.

Time Warner shares rose $1.75 (+1.98%) to $90.00 in premarket trading Wednesday. Prior to today’s report, TWX had gained 36.46% year-to-date, more than ten times the return of the benchmark S&P 500 during the same period.

TWX-2016-11-02

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.