NEW YORK, Wed May 2, 2012 – Time Warner Inc. on Wednesday said its revenue rose 4 percent from a year ago but impairment charges kept the media company from recording a higher profit in the first quarter.
Net income for the company, which owns a host of cable networks, premium TV service HBO, magazines and a movie studio, was $581 million, or 59 cents a share, compared with $681 million, or 59 cents a share, a year before. Time Warner bought back about 24 million shares from Jan. 1 through April 27, 2012.
Adjusted for impairment charges, including a $35 million charge related to the cancellation of the HBO series “Luck,” and a $52 million charge for shutting down a network in India, the company reported EPS of 67 cents per share. This came in 3 cents above Wall Street analysts’ average estimates.
Revenue rose 4.4 percent to $6.98 billion. Analysts were expecting revenue of $6.8 billion, according to Thomson Reuters I/B/E/S.
Its shares were flat in premarket trading.