Time Warner Inc. , one of the leading media conglomerates, came out with fourth-quarter 2016 results, wherein adjusted earnings of $1.25 per share easily beat the Zacks Consensus Estimate of $1.19 and jumped 17.9% year-over-year.

Including one-time items, earning per share came in at 40 cents per share, sharply down from $1.06 reported in the prior year quarter. AT&T, which has agreed to acquire media giant Time Warner is anticipated to close the deal by the end of 2017.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been portraying a slight downtrend in the last 7 days.

In the trailing four quarters, excluding the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 16.6%.

Revenues: The company’s revenues increased 11.5% year over year to $7,891 million and also beat the Zacks Consensus Estimate of $7,752 million, primarily due to growth at all operating units.

Key Events: In 2016, the company bought back about 31 million shares, aggregating approximately $2.3 billion.

Zacks Rank: Currently, Time Warner carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back later for our full write up on Time Warner’s earnings report!

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