Time Warner Inc. 2Q Profit Drops 34%

The Time Warner Center is shown, May 21, 2008 in New York. Media conglomerate Time Warner Inc. and cable television arm Time Warner Cable Inc. said Wednesday their boards have approved the companies' legal separation, with Time Warner Cable expected to pay a hefty $10.9 billion one-time dividend to shareholders.
AP Photo/Mark Lennihan
Media conglomerate Time Warner Inc. says its second-quarter profit fell 34 percent as revenue dropped in the company's publishing, movie and online properties.

But the New York-based company is affirming its full-year projection of $1.98 per share in adjusted profit.

Time Warner, which owns the Warner Bros. movie studio, the HBO and Turner cable networks, Time Inc. magazines and the AOL Internet portal, says it earned $519 million, or 43 cents per share, in the most recent quarter. That compares with $792 million, or 66 cents per share, a year earlier.

Excluding items, the company says it would have earned 45 cents per share.

Revenue fell 9 percent to $6.81 billion.

Analysts, who typically exclude items, expected earnings of 37 cents per share on sales of $6.97 billion.