Time Warner Profit Tops Estimates as CEO Pursues Growth
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Time Warner Inc. beat analysts’ profit estimates last quarter after collecting higher fees for its TV channels, validating efforts by Chief Executive Officer Jeff Bewkes to keep the company independent.
Third-quarter profit, excluding severance costs and a one-time tax benefit, was 97 cents a share, the New York-based company said today in a statement. Analysts predicted 94 cents on average. Sales rose 3.3 percent to $6.24 billion, beating the average estimate of $6.16 billion.