Media giant Time Warner Inc. (
) on Wednesday posted better-than-expected second quarter earnings,
prompting the company to raised its full-year forecast.
The New York-based company reported second quarter net income of
$562 million, or 49 cents per share, compared with $524 million, or
43 cents per share, in the year-ago period. Excluding one-time
items, adjusted profit was 50 cents per share.
Revenue rose 8% from last year, to $6.38 billion.
On average, Wall Street analysts expected a smaller profit of 45
cents per share, on lower revenue of $6.2 billion.
Looking ahead, the company said it now expects a 20% rise in
full-year profit compared with 2009, up from a prior forecast of a
gain in the mid-teens.
Time Warner shares rose 64 cents, or +2%, in premarket trading
The Bottom Line
Shares of TWX have a dividend yield of 2.63%, based on last night's
closing stock price of $32.36. The stock has technical support in
the $28 price area. If the shares can firm up, we see overhead
resistance around the $34 price level. We would remain on the
sidelines for now.
Time Warner Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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