Time Warner Profit Rises on Revenue Gains

Time Warner said first-quarter earnings rose from a year earlier as advertising recovered and home video sales increased.
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NEW YORK (

TheStreet

) --

Time Warner

(TWX)

said first-quarter earnings rose from a year earlier as advertising recovered and home video sales increased.

"We posted our biggest revenue gain in nearly two years, and adjusted operating income grew at all of our businesses," said Chairman and CEO Jeff Bewkes in a press release Wednesday. "The advertising recovery benefited both Turner and Time Inc., while the continuing popularity of 'The Blind Side' and 'Sherlock Holmes' helped lift Warner Bros.' home video sales."

Time Warner said first-quarter revenue rose to $6.32 billion from $5.99 billion, reflecting increases at the media company' networks and filmed entertainment segments. Adjusted operating income rose 37% to $1.4 billion,

Net income in the quarter was $725 million, or 62 cents a share, compared with year-earlier earnings of $660 million, or 55 cents.

Time Warner said adjusted first-quarter earnings were 61 cents a share; analysts surveyed by Thomson Reuters expected earnings of 48 cents a share.

Time Warner said it expects its 2010 full-year growth rate in adjusted diluted income from continuing operations on a per-share basis to be at least in the mid-teens; the 2009 adjusted base was $1.83 a share.

-- Reported by Joseph Woelfel in New York.

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