Time (TIME) Tops Q3 Earnings & Revenue Estimates
Time Inc.TIME , one of the leading media companies, posted third-quarter 2015 adjusted earnings of 32 cents a share that fared much better than the Zacks Consensus Estimate of 27 cents but fell 22% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2015 has remained unchanged over the past 30 days, while for 2016 it has been portraying a downtrend. If we look at Time's performance in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 47.5%.
Revenues: Time Inc. generated revenues of $773 million that decreased 6% year over year, impacted by foreign currency headwinds and fall in print advertising revenue. However, revenues surpassed the Zacks Consensus Estimate of $770 million.
Management now expects revenues to decline in the range of 5% to 6% in 2015.
Key Events: Management authorized share buyback program of up to $300 million.
Zacks Rank: Currently, Time Inc. carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
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