Time Warner Raises 2009 Outlook

Time Warner (TWX 30.16) reported third quarter earnings that came in ahead of expectations and issued upside guidance for 2009.

Time Warner reported third quarter earnings of $0.61 per share, $0.08 better than the First Call consensus of $0.53.

Revenues fell 5.9% year-over-year to $7.13 billion; the consensus expected $7.08 billion.  Lower revenues at the AOL, Publishing and Filmed Entertainment segments more than offset growth at the Networks segment.

"Time Warner is firmly on track to post solid results this year in spite of the tough economic environment," said CEO Jeff Bewkes.  "Driven by the better-than-expected performance at our Content Group this quarter, we're raising our 2009 business outlook. We still expect to spin off AOL by the end of the year, and we're making great progress on our other longer-term strategic priorities."

Time Warner now expects fiscal 2009 earnings of $2.05 per share, up from prior guidance of $1.98 per share and ahead of the current consensus, which stands at $2.03.