Goldman Sachs Comments On Time Warner 1Q11 Revenue Growth

According to Goldman Sachs, Time Warner

reported 1Q2011 revenue growth of 6% yoy, 6% ahead of our estimate due primarily to Film; an operating income decline of 11% yoy, 2% better than our estimate, helped by Film, hurt by Cable Network margins; and EPS of $0.58, just above our estimate (and consensus) of $0.57. Goldman Sachs said that TWX repurchased $1.3 bn of stock YTD through 4/29/11, nudging up its net debt-to-EBITDA (

) ratio to 2.2X from 2.0X. “TWX affirmed low teens 2011 EPS growth, which is second half weighted due to Film and is contingent on the summer films performing well.” Time Warner closed yesterday at $36.49.