Time Warner Cuts Forecast

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Time Warner Cuts Forecast

By Zacks Investment Research on November 5, 2008 | More Posts By Zacks Investment Research | Author's Website

Time Warner (TWX) lowered its full-year forecast as it fears that various restructuring charges will dent profits. The media conglomerate now expects full-year profits to total between $1.04 and $1.07 per share. Previously the company had forecast earnings of $1.07 to $1.11 per share.

The revised guidance lowers the company’s forecast to the target many analysts had been forecasting. During the past 30 days, half of the covering analysts had cut their projections, resulting in a consensus earnings estimate of $1.05 per share.

Time Warner also reported third-quarter reports. The company earned 31 cents per share, topping expectations for profits of 27 cents per share.

Shares of TWX are down nearly 5% today.

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