Time Warner’s 1Q profit rises partly on success of ‘The Lego Movie’ and HBO’s ‘True Detective’

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FILE - In this Feb. 2, 2009 file photo, a Time Warner Cable truck is parked in New York. Time Warner Cable Inc. reports quarterly earnings on Wednesday, April 30, 2014. (AP Photo/Mark Lennihan, File)

NEW YORK, N.Y. – Time Warner’s first-quarter net income climbed as revenue grew on the success of properties such as Warner Bros. “The Lego Movie” and the HBO show “True Detective.”

The performance topped analysts’ estimates.

For the three months ended March 31, the media and entertainment company earned $1.29 billion, or $1.42 per share. That’s up from $754 million, or 79 cents per share, a year ago.

Removing certain items, earnings were 91 cents per share. Excluding publishing division Time Inc. — expected to be spun off in the second quarter — earnings were 97 cents per share.

Analysts forecast 88 cents per share.

Revenue increased 9 per cent to $7.55 billion from $6.94 billion, driven by strong performances from Warner Bros., Turner and HBO. Taking out Time Inc., revenue was $6.8 billion.

Wall Street expected $6.63 billion.

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