Time Warner Raises Growth Outlook
NEW YORK (TheStreet) -- Time Warner (TWX) raised its full-year outlook to growth in the high 20% area from a 2009 earnings per share base of $1.83.
Its prior growth rate outlook was of at least 20%.
The guidance increase comes as the media company reported better-than-expected adjusted third-quarter earnings of 62 cents a share vs. the consensus earnings estimate of 53 cents a share. A year earlier, Time Warner earned 53 cents a share.
Income from continuing operations fell 10% to $522 million, or 46 cents a share, from $581 million, or 49 cents a share, the previous year.
The current quarter included a pretax $295 million loss resulting from premiums paid and transaction costs related to the redemption of some of the company's debt securities.
Revenue grew about 2% to $6.38 billion from $6.26 billion the year before. Analysts, on average, were predicting revenue of $6.41 billion.
During the quarter, advertising revenue grew 9%, driven by increases of 10% at Turner and 5% at Time Inc.
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-- Written by Andrea Tse in New York.
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