Time Warner Q3 Adj. Profit Beats Estimates - Quick Facts

(RTTNews) - Media and entertainment giant Time Warner, Inc. (TWX) Wednesday reported third-quarter net income attributable to shareholders of $967 million or $1.11 per share, compared to $1.2 billion or $1.26 per share in the previous year.

Earnings per share from continuing operations were $1.11, compared to $1.02 per share a year earlier.

Adjusted income from continuing operations rose to $1.1 billion or $1.22 per share from $855 million or $0.91 per share in the comparable quarter last year. The company has recast its prior-year results.

On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.94 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 3% to $6.24 billion from $6.04 billion a year ago, due to growth across all segments, partially offset by intercompany eliminations. Analysts estimated revenues of $6.16 billion for the quarter.

Separately, Time Warner updated its 2014 full-year business outlook. The company now expects its 2014 full-year percentage growth rate in adjusted Income per Common Share from Continuing Operations to be in the high teens off a 2013 Adjusted EPS base of $3.51.

This outlook reflects an estimated net benefit of approximately $0.15 from the reversal of certain tax reserves offset in part by programming, restructuring and severance charges in the third and fourth quarters.