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Time Warner Profit Beats Estimates as ‘Harry Potter’ Lifts Sales

Wednesday, 02 Nov 2011 07:39 AM

Time Warner says its third-quarter earnings grew sharply with a little help from Harry Potter and some hit network TV shows.

The company posted net income of $822 million, or 79 cents per share, Wednesday. That's up 57 percent from $522 million, or 46 cents per share, a year earlier.

Revenue rose 11 percent to $7.07 billion from $6.38 billion, surpassing estimates.

Analysts had expected earnings of 75 cents per share on revenue of $6.97 billion.

Time Warner Inc., based in New York, says it expects its full-year adjusted earnings to rise in the high-teens percent from $2.41 per share in 2010. Analysts are predicting $2.78 a share.

Chairman and CEO Jeff Bewkes says the company is on pace to exceed earlier financial goals for the year.

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Time Warner says its third-quarter earnings grew sharply with a little help from Harry Potter and some hit network TV shows.The company posted net income of $822 million, or 79 cents per share, Wednesday. That's up 57 percent from $522 million, or 46 cents per share, a year...
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2011-39-02
Wednesday, 02 Nov 2011 07:39 AM
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