"We're not going to comment on the proposal from 21st Century Fox, or the withdrawal," Time Warner CEO Jeff Bewkes said about the offer from Murdoch's entertainment company on a conference call today to discuss earnings. The bid was dropped yesterday. "We're focused on delivering growth for shareholders," Bloomberg reports.
Time Warner's second-quarter profit beat analysts' estimates, lending support to Bewkes' argument for continued independence, Bloomberg noted.
Time Warner's earnings, excluding one-time items and the Time Inc. magazine unit, were 98 cents per share. Analysts predicted 84 cents on average.
Sales climbed to $6.79 billion, missing the average estimate of $6.88 billion.
Time Warner reaffirmed its annual forecast, expecting adjusted profit to increase by a "low teens" percentage this year, up from a prior projection of about 10% or 11%.
The company had adjusted profit of $3.51 a share in 2013, a figure that excludes Time Inc.
Time Warner's second-quarter net income rose to $850 million, or 95 cents a share, from $771 million, or 81 cents, a year ago.
TheStreet Ratings team rates TIME WARNER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TIME WARNER INC (TWX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."