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A Leaner Time Warner Beats Estimates

By Scott Rothbort

 About this article:
 For Rothbort's thoughts leading up to the Time Warner call, click here. (Please note that the audio feed quality for the conference call was poor. Management had to temporarily halt the conference call to establish better reception.) Time Warner continues to clean up its financial condition by spinning off units such as Time Warner Cable and AOL. Unfortunately, no solution seems to exist for the troubled publishing business. The core remaining businesses of filmed and network entertainment are performing well given the state of the global economy. TWX is not as cheap as it once was -- the stock is now selling at 15 times fiscal 2009 earnings guidance and 13.5 times fiscal 2010 estimates. Unless you expect earnings to grow at more than 10%, the stock appears to be a hold rather than a buy. The company reported adjusted earnings of 61 cents a...

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