Internet and media giant AOL Time Warner today reported that its first-quarter earnings jumped 20% to $2.15 billion. The company also slightly narrowed its net loss to $1.45 billion for the period - its first as a merged company. The group was created last year from the merger of Internet service provider America Online and publishing giant Time Warner.
Earnings before interest, tax, debt and amortisation rose 20% to $2.146 billion from $1.8 billion a year ago, the company said in a statement.
The net loss narrowed to $1.369 billion, or 31 cents per share, from $1.455 billion and 34 cents per share a year earlier. The loss included merger-related expenses and pretax non-cash charges of $620 million reflecting the write-down of investments in the group's investment portfolio.
Cash earnings per share rose to $0.23 from $0.19 last year, exceeding analyst expectations by three cents. Sales grew 9% to $9.1 billion. Cashflow soared 409% to $651 million from $128 million.
'We couldn't be more pleased with AOL Time Warner's performance in our first quarter as a new company,' Chief Executive Officer Jerry Levin said in a statement. 'Our results met or exceeded all key operating and financial targets.'
