Time Warner (NYSE:TWX) climbed as much as 3.8 percent in early trading Wednesday after reporting second-quarter results that came in ahead of analyst expectations. Revenues increased 10 percent on the year to $7.4 billion, beating the average analyst estimate of $7.11 billion. Adjusted earnings increased 45 percent on the year to 83 cents per common diluted share, beating the average analyst estimate of 76 cents per share.
Revenue growth in the second quarter was driven by the company’s Film and TV Entertainment and Networks segments. Film and TV Entertainment, which accounted for about 39 percent of total revenues, increased its top line by 12.5 percent on the year.
The Networks segment, about 51 percent of total revenue, increased its top line by 6.7 percent. This more than offset a revenue decline of 2.3 percent in the company’s Publishing segment, which pretty much rounds out Time Warner’s revenue streams (there were some marginal losses in inter-segment eliminations).