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Time Warner beats earnings expectations
(AP)
NEW YORK - Time Warner (TWX) says its fourth-quarter earnings grew slightly as revenue jumped 5 percent on strong performance at its Warner Bros. movie studio and its cable television networks.
Net income was $773 million, or 76 cents per share, for the last three months of 2011 compared with $769 million, or 68 per share, a year earlier. Adjusted for one-time items, the company earned 94 cents per share. That beat Wall Street's expectations of 87 cents as surveyed by FactSet.
Revenue grew to $8.2 billion, beating analysts' expectations for $8.06 billion. The company benefited from higher licensing revenue at its Turner cable networks and from strong home sales of its movies.
Time Warner Inc. also says it will raise its quarterly dividend by 11 percent to 26 cents per share, to be paid March 15 to shareholders of record on Feb. 29.
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