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Time Warner 4Q earnings up, raises dividend 11 pct

NEW YORK (AP) â?? Time Warner Inc. said Wednesday that net income grew 51 percent over the last three months of 2012, even though revenues were la...

 

NEW YORK (AP) â?? Time Warner Inc. said Wednesday that net income grew 51 percent over the last three months of 2012, even though revenues were largely unchanged. The rising cost of cable and satellite and higher incomes Ad TV channels to compensate for declining incomes film and business magazines.

The shares rose to the highest level in more than a decade in morning trading.

The TV sector contributed to the performance in the quarter as revenue rose 5 percent that he offset declines elsewhere. Studio Warner Bros company has a lower range in the most recent quarter, but he was able to report an operating profit of cutbacks. Economic Time Inc. magazine, the smallest of the three, has announced layoffs to reduced demand for the printed editions reflect.

Time Warner

said net income was $ 1.17 billion, or $ 1.21 per share, for the fourth quarter, an increase of $ 773 million, or 76 cents per share, a year earlier.

Adjusted for non-recurring items, earnings came to $ 1.17 per share. Who hit the amount of € 1.10 per share that analysts polled by FactSet expected.

income decreased slightly to $ 8.16 billion from $ 8.19 billion a year ago. Analysts were expecting revenue of $ 8.22 billion.

Time Warner

also announced Wednesday that it raised its quarterly dividend by 11 percent to 28.75 cents per share. It is payable March 15 to shareholders of record on February 28. He also said that the board of directors of the Company has $ 4 billion in buybacks, which tend to get the price of the shares to raise the remaining shareholders. The new authorization replaces the plans for the redemption that is in $ 3.5 billion in the result of repayments 1.1.2012-02.01.2013.

Time Warner

stock rose $ 2.34, or 4.7 percent, to $ 52.30 in morning trading after rising as high as $ 52.55 per hour, the highest level since February 2002 .

Time Warner

is the estimate of $ 60 million in costs this year due to a layoff announced approximately 500 employees of the company magazine, about 6 percent of the personnel division World 8000. The company tried to reduce costs to declines in income and the need to invest in ways to deliver content across multiple platforms and devices to display.

the fourth quarter revenue television Time Warner rose 5 percent to $ 3.7 billion.

The company was stronger in recent years, the U.S. cable and satellite have paid more for performing channels like TNT, TBS and CNN on their queues. The company also has more subscribers in the United States for pay channels HBO and has grown internationally through the television sector, had despite unfavorable exchange rates. The proceeds of these fees and subscription distribution rose by 7 percent.

Advertising revenue

networks increased 3 percent due to higher prices, listen more NBA games broadcast on Time Warner and CNN increased during the presidential election season. The sales of the licensed content and other decreased by 9 percent primarily due to a termination of the activities of TNT in Turkey.

Warner Bros. Studio, sales fell 4 percent to $ 3.7 billion, mainly due to the weakness of the lineup. Compared to the same quarter in 2011, sales of the original version of the final film Harry Potter and the video game “Batman:. Arkham City” outings rooms on the first “Hobbit” film and “Argo” near the most recent were not enough to offset these declines. But operating profit rose 29 percent to $ 552 million due in part to the decline in marketing and other from the date of release.

Time Inc. Magazine company saw revenue fell 7 percent to $ 967 million in advertising revenue fell and the company had more money from a collection company schools funds sold in early 2012. Subscription revenues remained flat.

The company expects 2013 adjusted earnings

to be in the low double-digit percentages, which takes into account an estimate of the costs of restructuring at Time Inc. It was 3.28 per share in 2013, which means that the projected range is $ 3.61 to $ 3.77. Analysts were expecting earnings of $ 3.66 per share for 2013.