NEW YORK CITY: US media giant Time Warner reported a big jump in second quarter earnings Wednesday thanks to strong performances by HBO and blockbuster films like “Man of Steel” and “The Great Gatsby.”
Net profit soared 87 percent to $771 million on a 10 percent rise in revenues to $7.4 billion. That was better than the $7.1 billion expected by analysts.
Basic earnings per share came in at 83 cents, compared to 43 cents a year earlier.
The company upped its forecast for this year’s performance, saying it expected the percentage rise in adjusted earnings per share to be “in the mid-teens” off a base last year of $3.24.
Television network revenue rose 6.8 percent to a record $3.8 billion, while revenues from the film and TV entertainment division rose 12.5 percent to $2.9 billion.
“Our networks businesses, Turner and HBO, continued to shine, reflecting the success of our increased investments in distinctive programming that is resonating with audiences, advertisers and affiliates,” chairman and CEO Jeff Bewkes said in a statement.
“At Warner Bros., we had a fantastic quarter, including one of its most successful upfront seasons ever, with orders for 31 new and returning shows from the broadcast networks. And we had a strong theatrical quarter with our blockbuster reboot of the Superman franchise, Man of Steel, and The Great Gatsby,” he said.
The company said the latest Superman film, starring Henry Cavill, grossed over $600 million at box offices worldwide.