Time Warner (NYSE:TWX) announced that its first-quarter profits dipped 11% to $583 million, compared to $653 million during the same time last year. However, the company’s adjusted EPS, which excludes restructuring charges, rose to 67 cents, beating analysts who predicted an average of 64 cents, Bloomberg said.
Overall sales at the media company rose 4.4% to $6.98 billion from $6.68 billion last year, which also exceeded analysts’ average forecast of $6.82 billion.
The rise in revenue was driven by positive results at the company’s film and television business. Films like Journey 2: The Mysterious Island boosted first-quarter film-related revenue by 6.9%, while advertising revenue at its TV network business rose by 6%.
Subscription revenue for Time Warner’s cable TV service increased 5% during the quarter.
Sounding a negative note, the company’s publishing unit, which produces magazines like Time and People, saw its revenue fall 3.1% as advertising revenue dropped 5% and subscription sales slipped 2%.
Meanwhile, TV network and cable rival Comcast (NASDAQ:CMCSA) reported a 30% jump in its first-quarter earnings.
Time Warner shares, which have risen about 4.9% this year, fell by just over 1% in premarket trading on Wednesday.