Time Warner Inc (NYSE:TWX) and The Carlyle Group LP (NASDAQ:CG) released the earnings reports for their first fiscal quarters before opening bell this morning. Time Warner reported adjusted earnings of $1.19 per share on $7.1 billion in revenue, beating estimates of $1.08 per share and $6.96 billion.
Carlyle Group posted earnings of 80 cents per share on $885 million in revenue for its first fiscal quarter. analysts had been looking for earnings of 70 cents per share and $796.3 million in revenue.
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Key metrics from Time Warner’s earnings report
Time Warner’s revenues increased 5% year over year, while adjusted operating income rose 12% to hit a new record of $1.8 billion. Adjusted earnings increased 23% from last year’s fourth quarter, and management noted growth across all of the company’s divisions. Reported earnings were $1.10 per share, compared to last year’s $1.50 per share.
Turner revenue increased from $2.593 billion to $2.71 billion. Home Box Office revenues rose from $1.339 billion last year to $1.398 billion. Reenue from Warner Bros. rose from $3.066 billion last year to $3.199 billion this year.
The cable giant also reaffirmed its full year guidance. Management expects adjusted earnings of between $4.60 and $4.70 per share
Key metrics from Carlyle Group’s earnings report
GAAP net income was 54 cents per share or $40 million. The firm said its first quarter earnings results were negatively impacted by a tax judgment in France. The judgment was related to a transaction exited by Carlyle Europe Real Estate Partners between 2007 and 2009 and amounted to $112 million. The judgment impacted GAAP income and economic net income by 11 cents per share or $34 million.
“The performance of our funds has been solid early in the year, with our carry funds up 6% in the first quarter and other products performing well,†said Carlyle Group Co-CEO William Conway in a statement. “We have been active investors with 10 new Corporate Private Equity investments and 24 new Real Assets investments in the first quarter alone.â€
