Time Warner Inc. (NYSE:TWX) will report earnings before the market opens on Wednesday. The media conglomerate is expected to earn 53 cents per share and post revenue of $7.08 billion, according to Yahoo! Finance. In the quarter ending June 30, earnings per share were 45 cents, and revenue was $6.8 billion.
Looking forward, Time Warner's AOL unit will reportedly be spun off Dec. 11 and will undergo a complete reorg -- a move that is expected to help boost Time Warner's bottom line as the unit has weighed down results amid a struggling ad market.
Still at issue is the money-draining magazine unit, which Gordon Crawford, managing director of the Capital Group, Time Warner's largest shareholder, has said will be sold off. At the same time, Time Warner CEO Jeff Bewkes has said it is not for sale, leaving shareholders bewildered. Meanwhile, the unit continues to cut positions and bleed dollars.
A year earlier, Time Warner posted profits of 30 cents a share and $11.7 billion in revenue, results that include the spun-off Time Warner Cable Inc. (NYSE:TWC) and are unadjusted for the March 1-for-3 reverse stock split.
Time Warner Inc. will be hosting a conference call beginning at 10:30 a.m. EST on Wednesday. Click here for instructions on how to listen to the call.
Time Warner Cable, which was spun off in the second quarter, will be reporting third-quarter results Thursday before the market opens. It is expected to earn 75 cents per share, with revenue of $4.47 billion. Senior management will be hosting a conference call beginning at 8:30 a.m. EST to discuss the results. Click here for instructions on how to tune in. - Sara Behunek
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