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Time Warner net income falls 33 per cent in 2Q; adjusted income beats estimates

Published on August 1, 2012; Published on August 1, 2012

Topics :: Time Warner Inc. , Warner Bros. , NEW YORK, N.Y.

NEW YORK, N.Y. - Time Warner says its net income fell 33 per cent in the second quarter as its Warner Bros. movie studio had weaker releases compared with a year ago.

The blockbuster Batman movie "The Dark Knight Rises" didn't open in theatres until the quarter ended. In the second quarter last year, Time Warner Inc. had "The Hangover Part II" in theatres and the next-to-last Harry Potter movie on home video.

Net income was $430 million, or 44 cents per share, compared with $638 million, or 59 cents, a year earlier. Revenue fell 4 per cent to $6.7 billion. That's slightly below analysts' expectations of $6.95 billion, according to FactSet.

Adjusted for one-time items, earnings were a penny above expectations at 59 cents.

The company also reaffirmed its outlook for the year on Wednesday.

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