Q4: Film drives OI miss, 2018 guidance ahead
Revenues of $8.6bn (+9% YoY) beat cons. of $8.4bn while OI fell short as film missed (+9% vs. cons. +11%). EPS excluding a gain related to the new tax legislation was $1.60 (cons. $1.44) with all of this beat due to a lower implied tax rate. OI at Turner was ahead while HBO and WB were below. FY18 guidance of HSD operating income growth is ahead of consensus of 5.5% (AE +11%) and appears to reflect strong expected HBO growth. The company remains committed to the AT&T acquisition with the DoJ court case set for March 19th. The company will not host a conference call.Time Warner is a media and entertainment company. The company classifies its businesses into three reportable segments: Turner, consisting principally of cable networks and digital media properties operating more than 175 channels globally; Home Box Office, consisting premium pay television and OTT services domestically and premium pay, basic tier television and OTT services internationally, as well as home entertainment and content licensing; and Warner Bros., consisting principally of television, feature film, home video and videogame production and distribution. The company also holds interests in companies that operate broadcast networks.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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