US corporate results round up
Time Warner revenue up
TIME Warner said yesterday its revenue rose four per cent from a year ago, but impairment charges including one from the troubled HBO series Luck kept the media company from recording a higher profit in the first quarter.
First-quarter revenue from the company’s TV and cable networks, which include TNT, CNN and HBO, rose three per cent to $2.6bn (£1.6bn).
Net income was $581m.
Comcast beats Street
COMCAST yesterday posted a better-than-expected quarterly profit on continued growth in high-speed internet subscribers, a strong performance at its movie studio, and signs of a turnaround at its NBC broadcast business.
First-quarter net income was $1.22bn (£740m), or 45 cents a share, up from $943m, or 34 cents a share, a year earlier.
Revenue rose 9.6 per cent to $14.88bn.
American Eagle ups view
AMERICAN Eagle Outfitters yesterday sharply raised its profit estimate for the latest quarter as it sold more spring clothes at full price.
The teen clothing retailer now expects to report a profit of between 18 cents and 20 cents a share. It previously had forecast eight cents to 10 cents.
Sales at stores open at least a year rose 17 per cent in the first quarter, which concluded at the end of April.
CVS raises outlook
CVS CAREMARK raised its full-year forecast yesterday after reporting a sharp rise in first-quarter sales as the drugstore operator and pharmacy benefits manager continued to win over former patrons of Walgreen stores.
CVS said sales rose 19.9 per cent to $30.8bn (£19bn) in the quarter, helped by an 8.4 per cent increase in sales at drugstores open at least a year and more business from Medicare recipients.