Time Warner beats by $0.16, beats on revs (being acquired by AT&T (T))
- Reports Q4 (Dec) earnings of $1.60 per share, $0.16 better than the Capital IQ Consensus of $1.44; revenues rose 9.1% year/year to $8.61 bln vs the $8.41 bln Capital IQ Consensus.
- Turner and Home Box Office's Subscription revenues increased 13% and 11%, respectively
- Operating Income grew 5% to $7.9 billion and Adjusted Operating Income grew 7% to $8.2 billion
- 2018 Full-Year Business Outlook
- Expects its 2018 full-year Adjusted Operating Income to increase in the high single-digits, based on current foreign exchange rates.
- The outlook for 2018 Adjusted Operating Income does not include the impact of any future merger or unplanned restructuring and severance charges, the impact from future sales and acquisitions of operating assets or the impact of taxes on such items. These items may occur from time to time due to management decisions and changing business circumstances. The outlook also does not include the costs associated with the pending acquisition by AT&T Inc. (including retention, restructuring and severance costs associated with the transaction).
- Chairman and Chief Executive Officer Jeff Bewkes said: "We had another very successful year in 2017, achieving our financial goals thanks to the great creative and programming excellence across Time Warner. All three of our operating divisions increased revenue and profits while also investing to capitalize on the growing demand for the most creative and compelling content as well as new ways to deliver it to audiences worldwide. Warner Bros. had its best year ever at the global box office with its films grossing over $5 billion in box office receipts, led by hits like Wonder Woman, It and Dunkirk, which received eight Academy Award nominations, including for Best Picture. Warner Bros. also remains the #1 supplier of television shows for the broadcast networks, and saw continued growth in games with franchise releases Middle-earth: Shadow of War and Injustice 2.