Time Warner Cable Reports EPS $0.67 Vs. $0.62 Est.; Revenues $7.81B Vs. $7.42B (TWX)

Time Warner Inc.

today reported financial results for the three months and full year ending December 31, 2010. Chairman and Chief Executive Officer Jeff Bewkes said: “Time Warner had an outstanding year in 2010. We posted our strongest revenue growth in years, grew Adjusted Operating Income 17% and increased Adjusted EPS by over 30%. At the same time, we made substantial progress in boosting the competitive position and long-term growth profiles of our businesses. We also returned $3 billion to our shareholders in the form of share repurchases and dividends, more than 100% of our Free Cash Flow.” Mr. Bewkes continued: "In 2011, we're even more confident about how we're positioned, and we'll be even more aggressive. We'll increase our investments in programming, production and marketing even more than we did last year. We'll keep pushing to accelerate new digital business models. We'll keep expanding our presence in the most attractive international territories. And we'll do all of this while keeping a rigorous focus on our operating and capital efficiency. Reflecting both our confidence and our commitment to improving shareholder returns, today we also announced an increase in our dividend and a $5 billion stock repurchase authorization." Full-Year Company Results Full-year Revenues increased 6% from 2009 to $26.9 billion, reflecting higher revenues at the Networks and Filmed Entertainment segments. Adjusted Operating Income rose 17% to $5.4 billion, due to strong performances at the Networks and Publishing segments. Adjusted Operating Income margins were 20% versus 18% in 2009. Operating Income increased 21% to $5.4 billion, while Operating Income margins were 20% compared to 18% in 2009. The Company posted 2010 Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) of $2.41, an increase of 32% over the prior year's amount. In 2010, Diluted Income per Common Share from Continuing Operations was $2.25, compared to $1.75 in 2009. In 2010, Cash Provided by Operations from Continuing Operations reached $3.3 billion, and Free Cash Flow totaled $2.7 billion. As of December 31, 2010, Net Debt was $12.9 billion, up from $11.5 billion at the end of 2009, due mainly to share repurchases and dividends, as well as investment and acquisition spending, offset by the generation of Free Cash Flow.