Time Warner Inc. on Wednesday reported adjusted fourth-quarter earnings that topped Wall Street expectations, and raised its quarterly dividend.
The New York-based company said it had net income of $718 million, or 84 cents per share. Earnings, adjusted for nonrecurring costs and asset impairment costs, came to 98 cents per share.
The adjusted earnings beat analysts' expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The owner of TV channels including HBO and TBS as well as Warner Bros. studios posted revenue of $7.53 billion in the period, which fell short of Wall Street forecasts. Analysts expected $7.54 billion, according to Zacks.
For the year, the company reported profit of $3.83 billion, or $4.34 per share. Revenue was $27.36 billion.
Time Warner expects full-year adjusted earnings in the range of $4.60 to $4.70 per share. Analysts, on average, are expecting $4.66, according to a survey by FactSet.
The company also raised its regular quarterly dividend by 10% to 35 cents.
Its shares rose 20 cents, less than 1%, to $81.01.