Time Warner Inc. (TWX – Analyst Report), one of the leading media conglomerates, came out with second-quarter 2015 results, wherein adjusted earnings of $1.25 per share easily beat the Zacks Consensus Estimate of $1.03 and rose 28% year-over-year. Higher revenues and share repurchase activity cushioned the bottom line.

Including one-time items, earning per share from continuing operations came in at $1.16 per share, up from 95 cents reported in the prior year quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2015 was unchanged whereas for 2016, it has been portraying a slight uptrend in the last 60 days.

In the trailing four quarters, including the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 5.2%.

Revenues: Improvement across all divisions namely Turner Broadcasting, Warner Bros and HBO helped Time Warner to post an 8% increase in revenues to $7,348 million, which also came ahead of the Zacks Consensus Estimate of $6,872 million.

Guidance: Management continues to expect adjusted earnings per share for 2015 between $4.60 and $4.70. The current Zacks Consensus Estimate for 2015 is $4.66 per share.

Zacks Rank: Currently, Time Warner carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.