Time Inc. (TIME Quick QuoteTIME - Free Report) , one of the leading media companies, posted third-quarter 2016 adjusted earnings of 31 cents a share, in-line with the Zacks Consensus Estimate but fell 3.1% year over year.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 and 2017 has witnessed slight uptrend in the past 30 days. If we look at Time’s performance in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 10%.

Revenues: Time Inc. generated revenues of $750 million that decreased 3% year over year and also fell short of the Zacks Consensus Estimate of $774 million. Foreign currency headwinds and fall in print and other advertising revenues as well as decline in circulation revenues hurt the top line. These were offset by growth in Digital advertising revenues. Management expects revenues to be flat to down 1% in 2016.

Key Events: During the quarter, the company bought back 1.11 million shares at a weighted average price of $15.06 per share.

Zacks Rank: Currently, Time Inc. 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 stocks here.

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