It might not earn it a spot on Hollywood's Walk of Fame, but media and entertainment giant Time Warner (TWX) said it still expects its full-year outlook for 2013 to come in as previously expected.
After reporting fourth-quarter 2012 results back in February, Time Warner said it anticipated non-GAAP net income to be in the low double digits off a 2012 adjusted EPS base of $3.28, and following its report for the first quarter of 2013 this morning, it says it sees no reason to change that guidance.
While those results met analyst expectations on the bottom line for GAAP earnings (but beat them on an adjusted basis), Time Warner came up a little short in revenues, reporting sales of $6.94 billion, below the CapitalIQ consensus estimates of $7.15 billion.
Chairman and Chief Executive Officer Jeff Bewkes noted the entertainment king was off to a strong start for the year and commented on the upcoming spin-off of its Time magazone division: "As we said when we announced the spin-off in March, we believe this is the best structure for both Time and Time Warner, and expect this step will create additional value for our stockholders. Underscoring our commitment to stockholder returns, so far this year we've repurchased almost $870 million of our stock and paid out over $270 million in dividends."
Time Warner operates across all media including television networks, film and TV entertainment, and publishing. It had $28.7 billion in revenues in 2012.
