Time Warner Inc. , one of the leading media conglomerates, came out with second-quarter 2017 results, wherein adjusted earnings of $1.33 per share easily beat the Zacks Consensus Estimate of $1.19 and increased 3% year-over-year.
Including one-time items, earning per share came in at $1.34 per share, up from $1.20 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.
Management continues to project adjusted operating income growth in the high single digits for the full year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been portraying a slight uptrend in the last 30 days. In the trailing four quarters, excluding the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 16.5%.
Revenues: The company’s revenues increased 5% year over year to $7,330 million but marginally came in below Zacks Consensus Estimate of $7,340 million.
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 (Strong Buy) Rank stocks here.
Stock Movement: Time Warner’s shares are up 1.3% during pre-market trading hours following the earnings release.
Check back later for our full write up on Time Warner’s earnings report!
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