Time Warner's Q3 Results Push Stock Higher

Time Warner Inc. TWX delivered better than expected results for the third quarter. The company also boosted its full year forecast.

• Reports adjusted EPS of $1.83, tops by $0.46.
• Delivers revenue of $7.2 billion, beats by $0.22 billion.
• Adjusted EPS forecast increased to $5.45-$5.55 for the full year versus $5.43 expectations.
• Repurchased shares worth about $660 million since August 3.

Chairman and CEO Jeff Bewkes commented, "We had a strong third quarter, which keeps us on track to exceed our original 2016 outlook and underscores our leadership in creating and distributing the very best content. In television, HBO took home more Primetime Emmy Awards than any other network for the 15th consecutive year and Time Warner's divisions won a total of 40 Emmys, more than any other company."

Following this, the stock added 1.42 percent to $89.50 in the pre-market session.