Time Warner First-Quarter Financials Beat Wall Street Expectations

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UPDATED: The entertainment conglomerate posted lower earnings, but higher adjusted operating profit as it took writedowns for cancelled HBO series "Luck" and a shuttered Indian network in the latest period.

Time Warner on Wednesday reported improved first-quarter adjusted operating profit and net income that was lower than in the year-ago period, but ahead of Wall Street estimates.

Adjusted operating profit grew 6 percent to $1.4 billion. 

The entertainment conglomerate, led by CEO Jeffrey Bewkes, posted a quarterly profit of $581 million, compared with $651 million in the year-ago period. 

Revenue of $7.0 billion, up 4 percent from the year-ago period.

For cancelled HBO series Luck, the conglomerate took a $35 million impairment charge, in line with analysts' expectations of a $30 million-$35 million writedown. It also took a $58 million charge for the recently announced shutdown of an entertainment network in India.

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