Time Warner beats 2Q profit forecasts

Markets Associated Press

Time Warner Inc. (TWX) on Wednesday reported second-quarter net income of $1.06 billion.

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On a per-share basis, the New York-based company said it had net income of $1.34. Earnings, adjusted for non-recurring gains, were $1.33 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.

The owner of TV channels like HBO and TBS as well as Warner Bros. studios posted revenue of $7.33 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $7.34 billion.

Time Warner shares have climbed 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. The stock has risen 33 percent in the last 12 months.

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This story was generated by Automated Insights 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