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TIME WARNER INC. REPORTS FIRST-QUARTER 2017 RESULTS
|||Revenues increased 6% to $7.7 billion|
|||Operating Income grew 4% to $2.1 billion and Adjusted Operating Income grew 7% to $2.2 billion|
|||Home Box Office posted record quarterly Operating Income and Adjusted Operating Income|
|||EPS grew 23% to $1.80 and Adjusted EPS grew 11% to $1.66|
|||Cash Provided by Operations from Continuing Operations and Free Cash Flow totaled $1.5 billion and $1.4 billion, respectively, up 94% and 92%, respectively|
NEW YORK, May 3, 2017 Time Warner Inc. (NYSE:TWX) today reported financial results for its first quarter ended March 31, 2017.
Chairman and Chief Executive Officer Jeff Bewkes said: Were off to a strong start to 2017, as we continue to benefit from the investments were making in the best content while also developing new revenue streams that will drive growth and meet consumer demand for great experiences built around their favorite programming and brands. Warner Bros. delighted audiences in both film and television, with global hits in Kong: Skull Island and The LEGO Batman Movie and more series across broadcast for the current season than any other studio. Turner had another successful airing of the NCAA Division I Mens Basketball Tournament across platforms, while CNN grew its total day ratings by 21% among adults 25-54, and remained the leader in digital news. Together, Turner and Warner Bros. also launched our new Boomerang-branded SVOD service, adding to our growing portfolio of products that are reaching consumers directly.
Mr. Bewkes continued: Home Box Office shined in the quarter highlighted by our limited series Big Little Lies, which was both a critical and cultural breakout. Last Week Tonight with John Oliver is having its most-watched season to date, and we recently had the much anticipated returns of Silicon Valley and Veep. Looking ahead, we remain on track, pending completion of regulatory reviews and receipt of consents, to close our merger with AT&T Inc. before the end of 2017. We remain excited about the potential for this combination to accelerate the pace of innovation in our businesses.
Revenues grew 6% to $7.7 billion due to increases at all operating divisions, partially offset by higher intersegment eliminations. Operating Income increased 4% to $2.1 billion and Adjusted Operating Income increased 7% to $2.2 billion due to growth at Home Box Office and Warner Bros. and lower corporate expenses, partially offset by a decrease at Turner and higher intersegment eliminations.
The Company posted Diluted Income per Common Share from Continuing Operations (EPS) of $1.80, up 23% compared to $1.46 for the prior year quarter. Adjusted Diluted Income per Common Share from Continuing Operations (Adjusted EPS) was $1.66, up 11% from $1.49 for the prior year quarter.
For the first three months of 2017, Cash Provided by Operations from Continuing Operations reached $1.5 billion and Free Cash Flow totaled $1.4 billion.
Refer to Use of Non-GAAP Financial Measures in this release for a discussion of the non-GAAP financial measures used in this release and the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The following information was filed by Warner Media, Llc (TWX) on Wednesday, May 3, 2017 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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