Harry Potter does a little 3Q magic at Time Warner

November 2, 2011 - 6:35 AM
Earns Time Warner

FILE - In this April 29, 2010 file photo, people pass the Time Warner building, in New York. Time Warner, the owner of HBO, CNN and Warner Bros., said Wednesday, Nov. 2, 2011, its third-quarter earnings grew sharply, helped by the strong box-officer performance of the latest and final “Harry Potter” movie and hit shows at its TV networks. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Time Warner says its third-quarter earnings grew sharply with a little help from Harry Potter and some hit network TV shows.

The company posted net income of $822 million, or 79 cents per share, Wednesday. That's up 57 percent from $522 million, or 46 cents per share, a year earlier.

Revenue rose 11 percent to $7.07 billion from $6.38 billion, surpassing estimates.

Analysts had expected earnings of 75 cents per share on revenue of $6.97 billion.

Time Warner Inc., based in New York, says it expects its full-year adjusted earnings to rise in the high-teens percent from $2.41 per share in 2010. Analysts are predicting $2.78 a share.

Chairman and CEO Jeff Bewkes says the company is on pace to exceed earlier financial goals for the year.