Thursday, May 04, 2006
TW Has Good First Quarter
Source: CBC News Time Warner reported Wednesday its first-quarter profit climbed nearly 60 per cent, driven by a gain from the media company's sale of its book group and other assets as well as better performance in its cable TV division.
The New York-based conglomerate, whose holdings include Warner Bros., the Time Inc. magazine publisher, CNN and HBO, earned $1.46 billion US, or 32 cents a share, in the first three months of the year, up from $915 million, or 19 cents per share, in the same period a year ago.
Excluding unusual gains and other one-time effects in both periods as well as the results from its book group, which it has agreed to sell to the French media and defense conglomerate Lagardere SCA, earnings rose 32 per cent to $1.2 billion from $908 million in the same period a year ago.
On that basis, earnings per share rose to 26 cents from 19 cents, well ahead of the estimate of the 20 cents expected by analysts polled by Thomson Financial.
Revenue rose one per cent to $10.46 billion from $10.36 billion a year ago.
The New York-based conglomerate, whose holdings include Warner Bros., the Time Inc. magazine publisher, CNN and HBO, earned $1.46 billion US, or 32 cents a share, in the first three months of the year, up from $915 million, or 19 cents per share, in the same period a year ago.
Excluding unusual gains and other one-time effects in both periods as well as the results from its book group, which it has agreed to sell to the French media and defense conglomerate Lagardere SCA, earnings rose 32 per cent to $1.2 billion from $908 million in the same period a year ago.
On that basis, earnings per share rose to 26 cents from 19 cents, well ahead of the estimate of the 20 cents expected by analysts polled by Thomson Financial.
Revenue rose one per cent to $10.46 billion from $10.36 billion a year ago.
# posted by ATN @ 11:49 PM 
