Time Warner tops expectations
November 7, 2013
Time Warner reported earnings of $1.18 billion for the third quarter of 2013, compared with $822 million for the same quarter a year ago, a 44 per cent increase. Overall revenue was up to $6.86 billion from $6.84 billion in the third quarter of 2012.
The film and TV entertainment unit showed a year-to-year decline in revenue of 7 per cent, to $2.7 billion from $2.9 billion. But the company’s Television Networks division (HBO and the Turner Broadcasting cable networks, including TNT, TBS and CNN) provided the biggest boost in the quarter, with revenue rising by $182 million to $3.5 billion, a 5 per cent increase. Operating income for the division jumped 20 per cent to $1.5 billion, an increase of $245 million.