Home / Media / Time Warner Earnings, Revenues Rise in Strong Second Quarter

Time Warner Earnings, Revenues Rise in Strong Second Quarter

Time Warner Earnings, Revenues Rise in Strong Second Quarter

Getty Images

The still-independent media giant reported $850 million in earnings and a 29 percent increase in earnings per share

A day after Rupert Murdoch withdrew his $80 billion offer to buy Time Warner, Jeff Bewkes’ company reported strong second quarter earnings, including a 3 percent raise in revenue to $6.8 billion and a 17 percent jump in adjusted operating income to $1.6 billion.

Time Warner earned 98 cents per share, far surpassing analysts’ estimates of 84 cents.

Also read: 21st Century Fox Withdraws Proposal to Acquire Time Warner

It was a busy quarter for the company, as it spun off its publishing arm, Time Inc., into a separate publicly owned unit, and faced down the massive offer from 21st Century Fox.

Much of Time Warner's profitability came thanks to a big showing by HBO, which increased revenue to $1.417 billion (from $1.2 billion in the same quarter in 2013) and adjusted operating income to $552 million (from $459 million).

Also read: 5 Time Warner Execs Passed Up $137 Million to Keep Their Company

Turner revenues jumped to $2.75 billion from $2.67 billion in last year's third quarter, with income up to $940 million from $815 million.

Warner Bros. had a softer quarter, with revenue down from $2.94 billion to $2.87 billion, though adjusted income rose from $181 million to $234 million thanks to solid home video sales.

Time Warner also announced a $5 billion stock buyback plan.