FILE - In this Monday, Oct. 24, 2016, file photo, people walk past the Time Warner building, in New York. Time Warner reports financial results Wednesday, Nov. 2, 2016. (AP Photo/Mark Lennihan, File)

FILE - In this Monday, Oct. 24, 2016, file photo, people walk past the Time Warner building, in New York. Time Warner reports financial results Wednesday, Nov. 2, 2016. (AP Photo/Mark Lennihan, File) (The Associated Press)

Time Warner tops Street 3Q forecasts

Markets Associated Press

Time Warner Inc. (TWX) on Wednesday reported third-quarter profit of $1.47 billion.

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On a per-share basis, the New York-based company said it had net income of $1.86. Earnings, adjusted for non-recurring gains, were $1.83 per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.

The owner of TV channels like HBO and TBS as well as Warner Bros. studios posted revenue of $7.17 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $7 billion.

Time Warner shares have increased 36 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 3 percent. The stock has risen 15 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TWX at https://www.zacks.com/ap/TWX

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Keywords: Time Warner, Earnings Report