Time Warner Inc. , one of the leading media conglomerates, came out with second-quarter 2016 results, wherein adjusted earnings of $1.29 per share easily beat the Zacks Consensus Estimate of $1.16 and rose 3.2% year-over-year.

Including one-time items, earning per share from continuing operations came in at $1.20 per share, up from $1.16 reported in the prior year quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 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 14.1%.

Revenues: The company’s revenues decreased 5.4% year over year to $6,952 million and also missed the Zacks Consensus Estimate of $7,151 million, primarily due to decline at Warner Bros.

Guidance: Time Warner has increased its 2016 guidance. Management projected adjusted earnings per share for 2016 between $5.35 and $5.45 up from the prior guidance of $5.30 to $5.40.

Key Events: From Jan 1, 2016 through Jul 29, 2016, the company bought back about 23 million shares, aggregating approximately $1.6 billion. As of Jul 29, 2016, the company still had approximately $3.4 billion remaining under its share buyback program.  

Zacks Rank: Currently, Time Warner carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Check back later for our full write up on Time Warner’s earnings report!

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