Time Warner Q2 Profit Rises, Beats Estimates; Backs FY View - Quick Facts

(RTTNews) - Media and entertainment giant Time Warner, Inc. (TWX) Wednesday reported second-quarter net income attributable to shareholders of $850 million or $0.95 per share, higher than $771 million or $0.81 per share in the previous year.

Earnings per share from continuing operations were $0.94, compared to $0.73 per share a year earlier.

Adjusted earnings from continuing operations totaled $0.98 per share, while the firm posted $0.76 per share in the year-ago quarter. The company has restated its prior-year results.

On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.84 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 3% to $6.79 billion from $6.61 billion a year ago. Analysts estimated revenues of $6.87 billion for the quarter.

For full year 2014, the company continues to expect percentage growth rate in adjusted earnings from continuing operations to be in the low teens off a 2013 adjusted earnings per share base of $3.511.

The board has declared a regular quarterly cash dividend of $0.3175 per share, payable in cash on September 15, 2014, to stockholders of record on August 31, 2014.