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Time Warner posts higher 2Q net income
Time Warner reports higher 2nd-quarter earnings, revenue thanks to TV business, 'Hangover'
By The Associated Press

NEW YORK (AP) ' Media conglomerate Time Warner says its second-quarter profit grew almost 14 percent, thanks to higher revenue from its TV channel business and movies such as "The Hangover Part II."

Time Warner Inc. said Wednesday that its net income rose to $638 million, or 59 cents per share. That's up from $562 million, or 49 cents per share, a year earlier.

Adjusted earnings were 60 cents per share. Analysts on average expected 55 cents a share.

Revenue grew 10 percent to $7.03 billion. Analysts expected revenue of $6.81 billion.

Time Warner says it now expects 2011 adjusted earnings per share to be up "at least" in the low teens. Last quarter it forecast an increase "in the low teens." Analysts are expecting $2.76 per share, a nearly 15 percent jump from 2010.

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