Time Warner 1Q earnings climb, beats Street

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Associated Press

Posted on May 1, 2013 at 7:02 AM

Updated Wednesday, May 1 at 7:02 AM

NEW YORK (AP) — Time Warner says earnings grew 24 percent in the first three months of the year despite a slight drop in revenue, as the company benefited from strength in its television networks.

In the first quarter, Time Warner Inc. reported net income of $720 million, or 75 cents per share, compared with $583 million, or 59 cents, a year earlier.

Adjusted for one-time items, the company earned 82 cents per share, beating the 75 cents expected by analysts surveyed by FactSet.

But revenue of $6.94 billion was short of the $7.16 billion expected by analysts. In the same period last year, revenue was $6.98 billion.

The company also reaffirmed its outlook for the full year. It expects percentage growth in adjusted earnings to be in the low double digits.

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