Time Warner earns USD1.17 per shares in Q4, sets USD5 billion share buyback

Investing.com - The second largest U.S. cable provider Time Warner reported better-than-expected fourth quarter earnings and revenue ahead of Wednesday’s opening bell, sending its shares higher in pre-market trade.

Time Warner said that adjusted earnings per share came in at USD1.17 during the final three months of 2013, beating expectations for earnings of USD1.15 per share. The company’s fourth quarter revenue totaled USD8.6 billion, above forecasts for revenue of USD8.36 billion.

The company authorized a 10% boost in quarterly dividend and announced a new USD5 billion share buyback program.

Chairman and Chief Executive Officer Jeff Bewkes said, “We had another very successful year in 2013, with Turner, Home Box Office and Warner Bros. all posting record profits while also investing for future growth.”

Following the release of the report, DuPont shares inched up 0.2% in pre-market trade.

The outlook for U.S. equity markets was downbeat. The Dow Jones Industrial Average futures indicated a loss of 0.35% at the open, S&P 500 futures pointed to a decline of 0.5%, while Nasdaq 100 futures dipped 0.5% ahead of the open.