UPDATE: Time Warner Posts Upbeat Q4 Earnings, Lifts Dividend

Time Warner Inc. TWX reported stronger-than-expected earnings for the fourth quarter and raised its quarterly dividend. The New York-based company posted quarterly net income of $718 million, or $0.84 per share, compared to $983 million, or $1.06 per share, in the year-ago quarter. Its adjusted earnings fell to $0.98 per share from $1.07 per share. Its revenue declined to $7.525 billion from $7.604 billion. However, analysts were expecting earnings of $0.93 per share on revenue of $7.553 billion. Revenue at Turner gained 2% to $2.6 billion in the quarter, while revenue at HBO jumped 6% to $1.3 billion. Warner Bros. revenue slipped 5% to to $3.8 billion in the quarter. Adjusted operating income slipped 10% to $1.6 billion in the quarter. From January 1, 2014 through February 6, 2015, Time Warner repurchased around 80 million shares of common stock for around $5.8 billion. Chairman and Chief Executive Officer Jeff Bewkes said, "We had another very successful year in 2014, with solid revenue growth and robust 18% Adjusted EPS growth – our sixth consecutive year of at least high teens Adjusted EPS growth. Our financial performance reflects the strength of our position as the world's leading video content company." Time Warner lifted its dividend by 10% to $0.35 per share. Time Warner shares rose 1.16% to $81.75 in pre-market trading.