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TIME WARNER INC. REPORTS THIRD-QUARTER 2016 RESULTS
|||Revenues increased 9% to $7.2 billion|
|||Operating Income grew 10% to $2.0 billion and Adjusted Operating Income grew 12% to $2.1 billion|
|||EPS grew 48% to $1.87 and Adjusted EPS grew 46% to $1.83|
|||Cash Provided by Operations from Continuing Operations and Free Cash Flow totaled $3.5 billion and $3.3 billion, respectively, year-to-date, up 18% and 15%, respectively|
|||Repurchased 31 million shares for $2.3 billion year-to-date through October 21, 2016|
NEW YORK, November 2, 2016 Time Warner Inc. (NYSE:TWX) today reported financial results for its third quarter ended September 30, 2016.
Chairman and Chief Executive Officer Jeff Bewkes said: We had a strong third quarter, which keeps us on track to exceed our original 2016 outlook and underscores our leadership in creating and distributing the very best content. In television, HBO took home more Primetime Emmy Awards than any other network for the 15th consecutive year and Time Warners divisions won a total of 40 Emmys, more than any other company. CNNs standout election coverage made it the #1 news network in primetime among adults 18-49 for the fourth consecutive quarter and Turners momentum doesnt stop there. Year-to-date, TBS, TNT and Adult Swim are three of the top five ad-supported cable networks in primetime among adults 18-49. In film, Warner Bros. had a strong quarter led by Suicide Squad and has the #1 release of the fall in Sully, while anticipation is off the charts for J.K. Rowlings Fantastic Beasts and Where to Find Them, which hits the big screen on November 18.
Mr. Bewkes continued: The agreement we announced on October 22 to be acquired by AT&T Inc. represents a great outcome for our shareholders and an excellent opportunity to drive long-term value well into the future. Combining with AT&T is the natural next step in the evolution of our business and allows us to significantly accelerate our most important strategies.
Revenues grew 9% to $7.2 billion, Operating Income increased 10% to $2.0 billion and Adjusted Operating Income increased 12% to $2.1 billion due to increases at all operating divisions and lower intercompany eliminations. Revenues included the unfavorable impact of foreign exchange rates of approximately $55 million in the quarter.
The Company posted Diluted Income per Common Share from Continuing Operations (EPS) of $1.87 compared to $1.26 for the prior year quarter. Adjusted Diluted Income per Common Share from Continuing Operations (Adjusted EPS) was $1.83 versus $1.25 for the prior year quarter. EPS and Adjusted EPS included a net tax benefit of $0.28 related to an Internal Revenue Service (IRS)-approved tax accounting method change.
For the first nine months of 2016, Cash Provided by Operations from Continuing Operations reached $3.5 billion and Free Cash Flow totaled $3.3 billion.
The following information was filed by Warner Media, Llc (TWX) on Wednesday, November 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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