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[February 11, 2013]
Time Warner - Company Profile - 2013 Out Now
Feb 11, 2013 (M2 PRESSWIRE via COMTEX) -- Research and Markets (
) has announced the addition of the "Time Warner - Company Profile" company profile to their offering.
Strong 2012 Q3 results - - Revenue growth is anemic and continues to slow; Networks is the key concern.
- EBIT & EBIT margins fell mostly due to one-off charges in Publishing & Networks.
- Weakening US TV viewing & higher programming costs are increasing concerns.
- Overall, Net Income fell 11%. EPS was flat only due to massive share buy-backs.
- In Q1, total revenue rose by $296 m ( 4%), to $7.0 bn; slowing sequentially.
- Film sales rose $180 m ( 7%), to $2.8 bn; ; driven by TV, despite lower DVD sales.
- Warner Bros is doing well to keep film revenues flat with the end of the Harry - Potter franchise, helped by releases Journey 2, Project X & Sherlock Holmes.
- - Publishing revenue fell $25 m (-3%), to $0.8 bn; with lower advertising & subscription.
- - Networks revenue rose $106 m ( 3%), to $3.6 bn; helped by higher domestic prices.
- HBO's 2nd series of Game of Thrones is the most-watched drama on US cable TV.
- - Growth was broad-based; content, subscription & advertising all increased 3-4%.
- EBIT fell by $23 m (-2%), to $1.2 bn. EBIT Margin fell by 1.1% to 17.9%. This was due to: - (i) A small loss in Publishing, from lower revenues and an asset write-off; and - (ii) Lower margins in Networks (down 1.5% to 31.7%); mostly due to charges from HBO's - cancellation of 'Luck' program & TV channel closing in India, and higher programming costs.
- Net Income fell $70 m (-11%), to $0.6 bn; hit by a higher interest & tax rate (up 4% to 37%).
- EPS was flat at $0.59; boosted by repurchases of 11% of its shares since last year.
- FCF fell by $390 m (-58%), to $0.3 bn. $0.5 bn was spent on share repurchases.
- Guidance for 2012 of adjusted EPS growth in the "low double-digits" was confirmed.
Note: Comparisons (eg. growth rates) are stated on a year-on-year basis.
Significant recent events & news flow - News reports that Cable TV ratings declined in Q4 2011 for the largest networks.
- Warner Brothers films, but not HBO, to be on iCloud services.
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