During Wednesday’s afternoon trade, Shares of Time Warner Inc. (NYSE:TWX), lost -7.01% to $71.88.
Time Warner Inc. (TWX) today stated financial results for its third quarter ended September 30, 2015.
Revenues raised 5% to $6.6 billion due to growth at Warner Bros. and Home Box Office, partially offset by higher intercompany eliminations and a decline at Turner. Adjusted Operating Income grew 85% to $1.8 billion due to growth across all operating divisions, reflecting the absence of programming charges incurred in 2014 at Turner and lower restructuring and severance charges across all segments, partially offset by higher intercompany eliminations. Revenues and Adjusted Operating Income comprised the unfavorable impact of foreign exchange rates of $290 million and $160 million, respectively, in the quarter. Operating Income raised 89% to $1.8 billion.
The Company posted Adjusted Diluted Income per Common Share from Ongoing Operations of $1.25 as contrast to $1.22 for the prior year quarter. Not Taking Into Account a net tax benefit of $639 million, programming charges at Turner and restructuring and severance charges in the prior year quarter, Adjusted EPS would have been $0.97 in the prior year quarter. Diluted Income per Common Share from Ongoing Operations was $1.26 contrast to $1.11 in the prior year quarter.
For the first nine months of 2015, Cash Offered by Operations from Ongoing Operations reached $3.0 billion and Free Cash Flow totaled $2.9 billion. As of September 30, 2015, Net Debt was $21.2 billion, up from $19.8 billion at the end of 2014, due to share repurchases, dividends and investments and acquisitions, partially offset by the generation of Free Cash Flow.
Time Warner, reaffirmed its 2015 full-year business outlook. The Company continues to expect its 2015 full-year Adjusted Diluted Income per Common Share from Ongoing Operations to be in the range of $4.60 to $4.70.
Time Warner Inc. operates as a media and entertainment company in the United States and internationally. It operates through three segments: Turner, Home Box Office, and Warner Bros. The Turner segment owns and operates a portfolio of cable television networks and related properties that offer entertainment, sports, kids, and news programming on television and digital platforms for consumers. It operates about 165 channels in 200 countries.
Shares of Freeport-McMoRan Inc. (NYSE:FCX), declined -3.70% to $11.95, during its current trading session, amid a slide in oil prices.
WTI Crude reduced 3.13% to $46.40 per barrel, while Brent crude reduced 3.56% to $48.74 per barrel this afternoon, according to the CNBC.com index.
Oil prices reduced amid a higher-than-predictable improvement in oil stocks this week and amid OPEC expectations that demand for its oil will remain pressured, Reuters reports.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas. The company operates through North America Copper Mines; South America Mining; Indonesia Mining; Africa Mining; Molybdenum Mines; United States (U.S.) Oil and Gas Operations; Rod & Refining; and Atlantic Copper Smelting & Refining segments.
Finally, Shares of ON Semiconductor Corp. (NASDAQ:ON), gained 2.05%, and is now trading at $11.44.
ON Semiconductor Corporation, ing energy efficient innovations, has been elected to the board of directors (BOD) of the newly declared AirFuel Alliance. The new consortium is focused on establishing a single, core, wireless charging standard to support a wide range of consumer, industrial, medical and military applications. Robert Klosterboer, executive vice president and general manager of the ON Semiconductor’s Application Products Group, will represent the company on the board.
AirFuel Alliance presently has more than 195 member companies. The board member companies comprise AT&T, Broadcom, Flextronics, Gill Electronics, Integrated Device Technologies, Intel, MediaTek, Powermat Technologies, Duracell, Qualcomm, Samsung Electronics, Samsung Electro-Mechanics, Starbucks, WiTricity, Semtech, and ON Semiconductor.
“ON Semiconductor brings to the Board a depth of expertise in power electronics and breadth of customer and market knowledge,�? said Dr. Kamil Grajski, chairman of the board of AirFuel Alliance. “These are critical inputs to the delivery of timely, high quality technical specifications, backed by a world-class certification program, that support members’ innovative power solutions in consumer, commercial and industrial applications.�?
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates in four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.
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