Investing.com - The second largest U.S. cable provider Time Warner Cable (NYSE:TWC) reported better-than-expected first quarter earnings and revenue ahead of Wednesday’s opening bell, sending its shares higher in pre-market trade.
Time Warner said that adjusted earnings per share came in at $1.19 during the first three months of the year, 23% higher during the same quarter last year and beating expectations for earnings of $1.09 per share.
The company’s first quarter revenue totaled $7.13 billion, up 5% from the same period a year earlier and above forecasts for revenue of $7.0 billion.
Adjusted Operating Income grew 12% to $1.8 billion due to growth at Turner, offset in part by declines at Warner Bros. and Home Box Office.
Chairman and Chief Executive Officer Jeff Bewkes said, "We got off to a very strong start in 2015, with Revenues up 5%, and Adjusted Operating Income growing 12% to a quarterly record of $1.8 billion. This led to a 23% increase in Adjusted EPS and puts us on track to achieve our goals for the year."
Following the release of the report, Time Warner shares inched up 1.2% in pre-market trade to $86.00 from a closing price of $84.98 on Tuesday.
Meanwhile, U.S. stock futures pointed to a mildly lower open. The Dow futures indicated a loss of 0.1% at the open, the S&P 500 futures pointed to a drop of 0.1%, while Nasdaq 100 futures declined 0.2%.
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Time Warner gains 1.2% in pre-market after Q1 earnings beat
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