This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Time Warner(TWX)Company Profile: New York City-based Time Warner is a media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
Time Warner increased its dividend by 10.6% to 23.5 cents per share, payable on March 15 to stockholders of record at the close of business on Feb. 28. That will bring Time Warner's yield to around 2.6% going forward.
Time Warner said it expects its adjusted fiscal 2011 earnings per share to grow in the low-teen percentages compared with 2010 adjusted EPS of $2.41. Analysts' consensus was for the media company to earn $2.63 in fiscal 2011.
Time Warner beat fourth-quarter earnings estimates on strong overall revenue gains. For the quarter ended Dec. 31,
Time Warner grew profits 21.9% to $769 million
, or 68 cents per share. Excluding items, fourth-quarter earnings were 67 cents per share. Analysts were expecting a profit of 62 cents. Revenue increased 8.3% to $7.81 billion from $7.21 billion, reflecting growth at the company's networks and filmed entertainment segments.
Total revenue at its Time publishing unit dropped 2%, while a 3% gain in its advertising revenue was more than offset by a 2% drop in subscription revenue.
In February, AOL CEO Tim Armstrong increased his holdings in the Internet company by more than 40%. He bought 477,000 shares of
AOL(AOL) at an average price of $20.97, for a total cost of more than $10 million. Armstrong previously owned 1.1 million, or a 1.04% stake.
Armstrong's purchase suggests a vote of confidence in AOL's restructuring efforts as it moves toward an ad-supported digital media model.