Time Warner posts 44 pct jump in 3rd-qtr net income, backs full-year outlook

NEW YORK, N.Y. – Time Warner says its third-quarter net income rose 44 per cent and is backing its outlook for the full year.

The media and entertainment company says it got a boost from strong results at its TV networks such as TNT, TBS and CNN. Its shares rose 2.4 per cent to $69.85 in premarket trading.

The company earned $1.18 billion, or $1.26 per share, up from $822 million, or 84 cents per share, in the same quarter of 2012.

Excluding one-time charges, its adjusted profit from continuing operations was $1.01 per share. Revenue was flat at $6.86 billion.

Analysts polled by FactSet expected earnings of 89 cents per share on $6.94 billion in revenue.

Time Warner says it still expects its full-year 2013 earnings per share to rise by a “mid-teens” percentage.

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