Time Warner Profit Tops Estimates, Raises Dividend By 10%

Time Warner Inc. said Wednesday it had net income of $718 million, or 84 cents a share, in the fourth quarter, down from $983 million, or $1.06 a share, in the year-earlier period. Adjusted per-share earnings came to 98 cents, ahead of the FactSet consensus of 93 cents. Revenue slid to $7.525 billion from $7.604 billion, as declines at Warner Bros. were partially offset by increases at Home Box Office and Turner. HBO's "Game of Thrones" became the most watched original series ever, while the new series "True Detective" was the most watched freshman show, Chief Executive Jeff Bewkes said in a statement. The FactSet consensus was for revenue of $7.553 billion. The company is raising its dividend by 10% to 35 cents a share, to be paid for the March quarter. Shares rose 1.5% in premarket trade, and are up 3.6% in the last three months, outperforming the S&P 500's 1.4% gain.