Time Warner profit soars, sales flat

Pedestrians walk past "The Best Buddies Friendship Bear" a sculpture by Brazilian artist Romero Britto on display outside the Time Warner Center, Tuesday, Aug. 2, 2011, in New York. Media conglomerate Time Warner said Wednesday, Aug. 3, its second-quarter net income grew, thanks to higher revenue from its TV channel business and movies such as "The Hangover Part II." (AP Photo/Mary Altaffer)
Mary Altaffer

NEW YORK Time Warner is reporting a 51 percent increase in fourth-quarter earnings even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at its movie studio and magazine businesses.

Net income was $1.17 billion, or $1.21 a share, for the final three months of 2012. That's up from $773 million, or 76 cents a share, a year earlier.

Adjusted for one-time items, earnings came to $1.17 per share. That beat the $1.10 per share that analysts expected.

Revenue was almost steady at $8.16 billion. Analysts surveyed by FactSet expected revenue of $8.22 billion.

The company expects 2013 adjusted earnings to be up in the low double-digit percentage.

Time Warner Inc. is raising its quarterly dividend by 11 percent to 28.75 cents per share.