Time Warner's Studio, Networks Profit Rises
Updated from 6:24 a.m. EST
NEW YORK (
) --
Time Warner
(TWX)
swung to earnings in the fourth-quarter as the company's studio and networks had record profits.
Time Warner earned $627 million, or 53 cents a share, in the fourth quarter. A year earlier, the company lost $16 billion, or $13.41 a share, on charges and asset impairments.
Fourth-quarter adjusted earnings were 55 cents a share, above the forecasts of analysts surveyed by Thomson Reuters of 52 cents.
Time Warner said fourth-quarter revenues rose 2% to $7.3 billion.
Time Warner said networks revenue rose 4% to $3.1 billion while operating income at the segment rose 32%. Filmed entertainment revenue rose 7% to $3.3 billion; operating income soared 61%.
Time Warner raised its dividend 13.3% to an annual 85 cents a share from 75 cents.
The media company said it expects its 2010 full-year growth rate in adjusted earnings from continuing operations to be in the mid-teens, off a 2009 adjusted base of $1.83 a share.
-- Reported by Joseph Woelfel in New York.
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