--> TWC no pre-market for now
Time Warner beats by $0.16, reports revs in-line; reaffirms FY15 EPS guidance
- Reports Q3 (Sep) earnings of $1.25 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus of $1.09; revenues rose 5.1% year/year to $6.56 bln vs the $6.5 bln Capital IQ Consensus, due to growth at Warner Bros. and Home Box Office, partially offset by higher intercompany eliminations and a decline at Turner. Adjusted Operating Income grew 85% to $1.8 billion due to growth across all operating divisions.
- Co reaffirms guidance for FY15, sees EPS of $4.60-4.70, excluding non-recurring items, vs. $4.65 Capital IQ Consensus Estimate.
- TURNER
- Revenues decreased 2% ($48 million) to $2.4 billion, due to declines of 15% ($18 million) in Content and other revenues, 1% ($17 million) in Subscription revenues and 1% ($13 million) in Advertising revenues. Content and other revenues decreased due to lower subscription video-on-demand revenues. The decline in Subscription revenues was due to the impact of foreign exchange rates and a decline in domestic subscribers, partially offset by higher domestic rates and local currency growth at Turner's international networks. Advertising revenues decreased due to the impact of foreign exchange rates and the absence of NASCAR programming, partially offset by local currency growth at Turner's international networks. Domestic advertising was flat in the quarter.
- Adj. operating income +218% to 1.1 bln
- HBO rev +5%; adj. operting income +37% to 519 mln
- Warner Bro rev +15% to 3.2 bln, adj. OI +61% to $388 mln