Q1 OI misses at every unit; guidance reiterated
Revenues of $8.0bn (+3% YoY) beat cons. of $7.9bn but OI at all units fell short (total -8% vs. cons. -6%). Adjusted EPS ex a $0.49 tax benefit was $1.79, $0.05 ahead of consensus due to lower than anticipated interest. FY18 guidance of HSD operating income growth was reiterated although if the company's acquisition by AT&T succeeds we may never know if it is realistic. The company remains committed to the AT&T deal and we believe there is a good chance the companies will prevail in the current DoJ case. One takeaway is that disappointing margins reflect an increasingly competitive backdrop.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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