NEW YORK — Time Warner Inc. (TWX) on Wednesday reported third-quarter profit of $1.03 billion.
The New York-based company said it had net income of $1.26 per share. Earnings, adjusted for non-recurring gains, were $1.25 per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The owner of TV channels like HBO and TBS as well as Warner Bros. studios posted revenue of $6.56 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $6.5 billion.
Time Warner expects full-year earnings in the range of $4.60 to $4.70 per share.
Time Warner shares have declined 9.5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2.5 percent. The stock has dropped nearly 2 percent in the last 12 months.
Keywords: Time Warner, Earnings Report