Updated from 9:52 a.m. EDT
, the largest media company in the world, said Tuesday that it beat Wall Street's earnings expectations, primarily because of strong growth in its cable television and publishing units.
For the second quarter ended June 30, the New York-based company recorded earnings before interest, taxes and amortization of $1.38 billion, or 11 cents a diluted share, compared to $1.24 billion, or 11 cents a share, a year earlier. The consensus estimate of analysts polled by
First Call/Thomson Financial
was 8 cents a share.
Those figures exclude as much as $88 million in nonrecurring items, including a $50 million pretax charge for litigation over the
amusement parks; a $7 million net pretax loss related to the sale or exchange of its cable television systems and investments; and $31 million in costs for its upcoming acquisition by
, the No. 1 provider of online services, in the fall.
Without those items, Time Warner reported net income of $72 million, or 5 cents a diluted share, down 89% from $575 million, or 46 cents a share, a year ago.
Revenue rose to $7.06 billion from $6.53 billion a year ago.
Time Warner closed Tuesday regular trading down 1 11/16, or 1.9% at 87 1/2.