Time Warner Inc. Provides 2016 Full-Year Business Outlook
February 10 2016 - 7:02AM
Business Wire
Time Warner Inc. (NYSE:TWX) today provided its 2016 full-year
business outlook. The Company expects its 2016 full-year Adjusted
Diluted Income per Common Share from Continuing Operations
(“Adjusted EPS”) to be in the range of $5.30 to $5.40.
The outlook above does not include the impact of any future
merger or unplanned restructuring and severance charges, the impact
from future sales and acquisitions of operating assets or the
impact of taxes on the above items that may occur from time to time
due to management decisions and changing business circumstances.
The Company is currently unable to forecast precisely the timing
and/or magnitude of any such events and resulting impacts.
Use of Adjusted EPS Measure
Adjusted EPS is Diluted Income per Common Share from Continuing
Operations attributable to Time Warner Inc. common shareholders
with the following items excluded from Income from Continuing
Operations attributable to Time Warner Inc. common shareholders:
noncash impairments of goodwill, intangible and fixed assets and
investments; gains and losses on operating assets (other than
deferred gains on sale-leasebacks), liabilities and investments;
gains and losses recognized in connection with pension and other
postretirement benefit plan curtailments or settlements; external
costs related to mergers, acquisitions, investments or
dispositions, as well as contingent consideration related to such
transactions, to the extent such costs are expensed; amounts
related to securities litigation and government investigations; the
foreign currency losses during the three months ended December 31,
2014 and March 31, 2015 related to the translation of net monetary
assets denominated in Venezuelan currency resulting from the
Company’s change to the SICAD 2 exchange rate beginning December
31, 2014 and the Simadi exchange rate during the quarter ended
March 31, 2015, respectively; and amounts attributable to
businesses classified as discontinued operations; as well as the
impact of taxes and noncontrolling interests on the above items and
the Company’s share of the above items with respect to equity
method investments. The Company utilizes Adjusted EPS, among other
measures, to evaluate the performance of its businesses both on an
absolute basis and relative to its peers and the broader market.
Many investors also use an adjusted EPS measure as a common basis
for comparing the performance of different companies. Some
limitations of Adjusted EPS, however, are that it does not reflect
certain charges that affect the operating results of the Company’s
businesses and that it involves judgment as to whether items affect
fundamental operating performance. Also, a general limitation of
Adjusted EPS is that it is not prepared in accordance with U.S.
generally accepted accounting principles and may not be comparable
to similarly titled measures of other companies due to differences
in methods of calculation and excluded items.
Adjusted EPS should be considered in addition to, not as a
substitute for, the Company’s Diluted Income per Common Share from
Continuing Operations and other measures of financial performance
reported in accordance with U.S. generally accepted accounting
principles.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment
with businesses in television networks and film and TV
entertainment, uses its industry-leading operating scale and brands
to create, package and deliver high-quality content worldwide on a
multi-platform basis.
Caution Concerning Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management’s current expectations or
beliefs, and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive, technological, strategic and/or
regulatory factors and other factors affecting the operation of
Time Warner’s businesses and any future merger or unplanned
restructuring charges, future sales and acquisitions of operating
assets and investments, or the impact of taxes on the above items,
that may occur from time to time due to management decisions and
changing business circumstances. More detailed information about
these factors may be found in filings by Time Warner with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q. Time Warner is under no obligation to, and expressly
disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Information on Earnings Release & Conference Call
In a separate release issued today, Time Warner Inc. reported
the financial results for its fourth quarter and full year ended
December 31, 2015.
The Company’s conference call can be heard live at 10:30 am ET
on Wednesday, February 10, 2016. To listen to the call, visit
www.timewarner.com/investors.
TIME WARNER INC. RECONCILIATION OF GUIDANCE
(Unaudited) Year Ended December
31, 2015 Reconciliation of 2016 Guidance
Reconciliation
of Adjusted Diluted Income per Common Share from Continuing
Operations to Diluted Income per Common Share from Continuing
Operations Adjusted EPS(1) $ 4.75 Expect
to be in the range of $5.30 to $5.40 per share. Asset
impairments (0.03 ) Unable to estimate. Gains (losses) on
operating assets, net - Unable to estimate. Venezuelan
foreign currency loss (0.03 ) Unable to estimate. Other
operating income items (0.01 ) Unable to estimate. Gains and
losses on investments (0.04 ) Unable to estimate. Other
items (0.13 ) Unable to estimate. Tax impact on above items
0.07 Unable to estimate.
Diluted Income per
Common Share from Continuing Operations $ 4.58 Unable to
estimate.
(1) Adjusted EPS is Diluted Income per Common Share from
Continuing Operations attributable to Time Warner Inc. common
shareholders with the following items excluded from Income from
Continuing Operations attributable to Time Warner Inc. common
shareholders: noncash impairments of goodwill, intangible and fixed
assets and investments; gains and losses on operating assets (other
than deferred gains on sale-leasebacks), liabilities and
investments; gains and losses recognized in connection with pension
and other postretirement benefit plan curtailments or settlements;
external costs related to mergers, acquisitions, investments or
dispositions, as well as contingent consideration related to such
transactions, to the extent such costs are expensed; amounts
related to securities litigation and government investigations; the
foreign currency losses during the three months ended March 31,
2015 related to the translation of net monetary assets denominated
in Venezuelan currency resulting from the Company's change to the
Simadi exchange rate during the quarter ended March 31, 2015; and
amounts attributable to businesses classified as discontinued
operations; as well as the impact of taxes and noncontrolling
interests on the above items and the Company's share of the above
items with respect to equity method investments.
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version on businesswire.com: http://www.businesswire.com/news/home/20160210005692/en/
Time Warner Inc.Corporate CommunicationsKeith
Cocozza 212-484-7482orInvestor RelationsMichael Kopelman
212-484-8920Michael Senno 212-484-8950
Time Warner (NYSE:TWX)
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