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TIME WARNER INC. REPORTS FIRST-QUARTER 2018 RESULTS
|||Revenues increased 3% to $8.0 billion|
|||Turners and Home Box Offices Subscription revenues increased 8% and 10%, respectively|
|||Operating Income and Adjusted Operating Income totaled $1.8 billion and $2.0 billion, respectively|
|||EPS increased 15% to $2.07 and Adjusted EPS increased 37% to $2.28|
|||Cash Provided by Operations from Continuing Operations and Free Cash Flow totaled $1.3 billion and $1.2 billion, respectively|
NEW YORK, April 26, 2018 Time Warner Inc. (NYSE:TWX) today reported financial results for its first quarter ended March 31, 2018.
Chairman and Chief Executive Officer Jeff Bewkes said: Were off to a strong start to 2018 and we remain on track to meet the financial goals we laid out at the beginning of the year, as we continue to execute our strategic objectives, including investing in and delivering the most compelling content to audiences around the globe and across platforms. Turner had another successful multiplatform airing of the NCAA Division I Mens Basketball Tournament, while CNN was the #1 news network among adults 18-34 and remained the leader in digital news. Additionally, year-to-date, TNTs The Alienist is the #1 new cable drama and TBSs The Last O.G. is the #1 new cable comedy. Home Box Office had another standout quarter and recently had the much-anticipated return of Westworld (produced by Warner Bros.), which saw viewership of the second season premiere episode increase 13% compared to the prior seasons average.
Mr. Bewkes continued: Warner Bros. remained a leader in television production with top comedies like The Big Bang Theory and Young Sheldon and top unscripted series, including The Voice, The Bachelor and Ellens Game of Games, airing across the broadcast networks. Theatrically, Warner Bros. latest sci-fi epic, Ready Player One, which opened at the end of March, is off to a strong start at the global box office and is the studios highest-grossing film ever in China. We look forward to the resolution of the legal challenge to our pending merger with AT&T and remain excited about the benefits of the merger, such as the potential to further strengthen our businesses by accelerating our innovation and increasing our ability to connect more directly with consumers.
Revenues increased 3% to $8.0 billion due to growth at Turner and Home Box Office, partially offset by a decline at Warner Bros. Operating Income decreased 13% to $1.8 billion and Adjusted Operating Income decreased 8% to $2.0 billion due to declines at all operating divisions, partially offset by positive intersegment eliminations.
The Company posted Diluted Net Income per Common Share (EPS) of $2.07, up 15% compared to $1.80 for the prior year quarter. Adjusted Diluted Net Income per Common Share (Adjusted EPS) was $2.28, up 37% compared to $1.66 for the prior year quarter. EPS and Adjusted EPS in the current year quarter included a net benefit of $0.49 related to the settlement of a U.S. federal tax audit and the retroactive extension of an expired tax law.
The following information was filed by Warner Media, Llc (TWX) on Thursday, April 26, 2018 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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