Time Warner said Wednesday that its fourth-quarter net income dropped 12 percent, as investments in programming and other costs offset revenue growth.
The New York-based media and entertainment company’s adjusted profit and revenue beat Wall Street predictions.
Revenue rose at Time Warner’s Warner Bros., Turner and HBO arms, while it was flat at the company’s Time Inc. publishing division, which the company said it still plans to spin off by the end of the second quarter.
Time Warner’s revenue rose 7 percent to $4 billion, helped by the release of popular films such as Gravity and The Hobbit: The Desolation of Smaug. But that growth was partially offset by lower home video and TV licensing revenue.
Time Warner earned $983 million, or $1.06 per share, compared with $1.11 billion, or $1.15 per share, in the same quarter a year ago. Excluding one-time items, the company posted an adjusted profit of $1.17 per share.
InBev to purchase Blue Point Brewing
Anheuser Busch InBev’s U.S. arm is buying craft brewer Blue Point Brewing Co.
Financial terms were not disclosed.
Blue Point makes more than 40 craft beers, including Toasted Lager, Hoptical Illusion, Blueberry Ale and seasonal brands, among others. Founded in 1998, it’s the 34th largest craft brewery in the U.S.
Anheuser Busch said Wednesday that the deal will bring additional resources to Blue Point’s operations, allowing it to meet growing consumer demand for its brands. Anheuser-Busch said it plans to invest in Blue Point to help grow its operational capabilities over the next few years.
Blue Point will continue to be based in Patchogue, N.Y.
The deal is expected to close early in the second quarter.
Aston Martin recalls luxury sports cars
British luxury carmaker Aston Martin says it is recalling 17,590 sports cars because of a problem with the accelerator pedal molding.
The company said Wednesday there had not been any accidents or injuries stemming from the fault, which can cause the engine to idle unexpectedly.
The global recall will affect all of the company’s left-hand drive cars made between late 2007 and the end of 2013. Right-hand drive cars made between May 2012 and December 2013 also will be recalled.
The new Vanquish model is not affected.
The company says molding from a Chinese supplier was found to be defective.
The Aston Martin is regarded as one of the world’s finest sports cars and has long benefited from its association with the James Bond films.
Lincoln National posts earnings drop
Lincoln National Corp. on Wednesday reported 2013 earnings of $1.24 billion, or $4.52 per diluted share, a 5 percent decline from the $1.31 billion, or $4.56 a share, posted for 2012.
The Radnor, Pa.-based financial services company also reported fourth-quarter earnings of $351 million, or $1.29 per diluted share, a 10 percent increase from the $320 million, or $1.14 a share, for the prior year’s fourth quarter.
Dennis Glass, president and CEO, said Lincoln set a company record during the year when it passed $200 billion in assets under management. Lincoln manages retirement accounts, including 401(k)s for employers and their employees.