Multimedia giant Time Warner had a record quarter in terms of adjusted operating income, rising 37% to $1.4B. The gain was on top of a 5% uptick in revenue compared to Q1 2009 to $6.3B. The company was also able to reflect on deals bringing NCAA March Madness and Conan O’Brien into its future.
Chairman/CEO Jeff Bewkes said, “Time Warner is off to a great start in 2010, delivering record financial results for our first quarter. We posted our biggest revenue gain in nearly two years, and Adjusted Operating Income grew at all of our businesses. The advertising recovery benefited both Turner and Time Inc., while the continuing popularity of The Blind Side and Sherlock Holmes helped lift Warner Bros.’ home video sales.”
Looking forward, he noted, “We’ve also made meaningful progress in the last few months toward our long-term strategic objectives. In April, Turner joined with CBS in a 14-year pact for the exclusive U.S. television, Internet and wireless rights to the NCAA’s Division I men’s basketball tournament, starting in 2011. Also last month, Turner signed Conan O’Brien to host a late-night talk show on TBS.”
Time Warner likes the trends it is seeing, and is offering guidance for the full year calling for growth of Adjusted Diluted Income per Common Share from Continuing Operations measured in the mid-teens, off a 2009 Adjusted EPS base of $1.83.