Time Warner Earnings: Net Income Falls 10 Percent

S&P 500 (NYSE:SPY) component Time Warner Inc. (TWX) reported its results for the first quarter. Time Warner, Inc. is a media and entertainment company with businesses such as: interactive services, filmed entertainment, cable systems, television networks and publishing.

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Time Warner Earnings Cheat Sheet for the First Quarter

Results: Net income for the entertainment company fell to $653 million (59 cents/share) vs. $725 million (62 cents/share) a year earlier. A decline of 9.9% from the year earlier quarter.

Revenue: Rose 5.7% to $6.68 billion YoY.

Actual vs. Wall St. Expectations: TWX reported adjusted net income of of 57 cents/share. By that measure, the company beat the mean estimate of 56 cents/share. Estimates ranged from 53 cents per share to 66 cents per share.

Quoting Management: Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a solid start this year. We’re on track to meet our financial goals for 2011 and making a lot of progress toward our longer-term objectives. For instance, our continued investment in the highest-quality content is paying off: the NCAA Men’s Basketball Tournament on TBS, TNT and truTV performed even better than we expected and Game of Thrones debuted on HBO to critical acclaim and strong viewership.”

Key Stats:

Net income has increased 1.9% year over year on average across the last five quarters. The biggest gain came in the fourth of the last fiscal year, when income climbed 22.6% from the year earlier quarter.

Competitors to Watch: News Corp. (NASDAQ:NWS), Walt Disney Co. (NYSE:DIS), CBS Corporation (NYSE:CBS), Viacom, Inc. (VIA.B), Comcast Corporation (NASDAQ:CMCSA), Liberty Global Inc. (NASDAQ:LBTYA), Sony Corporation (NYSE:SNE), and Gannett Co., Inc. (NYSE:GCI).

Stock Performance: Shares of TWX are trading at $37.73 as of May 4, 2011 at 7:22 AM ET, unchanged from the previous close.

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