NEW YORK (TheStreet) -- Time Warner reports better-than-expected quarterly results, boosted by box office titles like "The Lego Movie" and success at its pay-TV channel HBO with the "Game of Thrones" series.
Shares of Time Warner (TWX) were climbing on Thursday after the company reported better-than-expected quarterly results, boosted by success at the box office as well as on the small screen.
Time Warner reported adjusted earnings of 91 cents a share, beating Wall Street expectations of 88 cents a share, according to Thomson Reuters. Revenue rose 9% to more than $7.5 billion, also topping analyst estimates for revenue of about $6.6 billion.
The strong results were boosted by a 14% revenue jump at its Warner Bros. segment, which was helped by the box office success of "The Lego Movie" and "The Hobbit: The Desolation of Smaug," among other titles. Time Warner Chairman and CEO Jeff Bewkes said in a statement that "The Lego Movie" led all releases at the domestic box office and created another franchise for the company.
Results were also aided by a 9% revenue increase at its pay-TV channel HBO, which features the popular "Game of Thrones." Bewkes said its season four premiere this month drew in HBO's biggest audience since "The Sopranos" finale in 2007. HBO's "True Detective" series also became the channel's most-watched freshman series ever.
Although Wells Fargo analyst Marci Ryvicker noted Turner revenue was a tad light, she emphasized that ad revenue came in line with estimates, which she said is a positive given ratings trends. Overall, she called it a nice quarter for HBO and Warner Bros.