Time Warner Q2 Profit Rises; Lifts FY13 Profit View - Quick Facts

(RTTNews) - Time Warner Inc. (TWX) reported net income attributable to shareholders of $771 million, or $0.81 per share, up from $413 million or $0.42 per share in the year ago quarter.

Adjusted net income per share was $0.83 versus $0.57 for the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $7.43 billion from $6.74 billion in the prior year quarter. Twenty seven analysts had consensus revenue estimate of $7.11 billion for the quarter.

Time Warner increased its 2013 full-year business outlook. The company now expects its 2013 full-year percentage growth rate in Adjusted Net Income per Common Share to be in the mid-teens off a 2012 Adjusted earnings per share base of $3.24., while announcing the first-quarter result, the company expected percentage growth in adjusted net income for 2013 to be in the low double digits, compared with $3.28 per share in 2012.

Analysts expect the company to report earnings of $3.68 per share for fiscal 2013.

The company said it has recast its historical financial results to reflect the presentation of its investment in Central European Media Enterprises Ltd. or "CME" under the equity method of accounting for all prior periods from the date of the Company's initial investment in CME in May 2009. This accounting change reduced full year 2012 Adjusted EPS by $0.04.