Time Warner Inc. (NYSE: TWX) has reported earnings and gave guidance this morning. The company earned 29 cents per share from continuing operations, which was in-line with First Call estimates. Revenue was also in-line at $12.6 billion.As far as guidance, the media giant gave 2008 earnings targets of $1.07 to $1.11, while estimates from First Call are $1.11. Free cash flow for the year was put "at or above'" $3.6 billion. It also put adjusted operating income before depreciation and amortization growth of 7% to 9% off of a $12.9 billion base.
CNBC reported earlier this morning that Jeff Bewkes will announce restructuring efforts that will lead to a sale or divestiture of cable assets and a break-up of certain AOL properties later in the year that may include a sale of the ISP operations and keeping the ad businesses.
It is still too early to see trading indications this morning, so this is still a work in progress.
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