UPDATE: Time Warner Shares Rise On Upbeat Q3 Results

Shares of Time Warner TWX rose more than 2.2% in pre-market trading after the company reported upbeat earnings for the third quarter. The New York-based company posted a quarterly net profit of $967 million, or $1.11 per share, versus a year-ago profit of $1.18 billion, or $1.26 per share. Adjusted EPS rose to $1.22 from $0.91. However, adjusted earnings, excluding tax benefit, came in at $0.97 per share. Its revenue climbed 3% to $6.24 billion. However, analysts were expecting earnings of $0.94 per share on revenue of $6.16 billion. TURNER revenue climbed 5% to $2.4 billion, while Home Box Office revenue jumped 10% to $1.3 billion. Warner Bros. revenue rose 3% to $2.8 billion in the quarter. The company repurchased 69 million shares for $4.9 billion year-to-date through October 31, 2014. Chairman and Chief Executive Officer Jeff Bewkes said, “We had another good quarter, featuring solid revenue growth as well as strong growth in Adjusted EPS.” For full-year 2014, Time Warner projects adjusted earnings growth, including a tax benefit, to be in the high teens above adjusted earnings of $3.51 per share in 2013. Time Warner shares climbed 2.27% to $76.67 in pre-market trading.