Time Warner Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $6,939 million compared to $6,979 million a year ago. Operating income was $1,410 million compared to $1,247 million a year ago. Income before income taxes was $1,102 million compared to $927 million a year ago. Net income attributable to the company shareholders was $720 million or $0.75 per diluted share compared to $583 million or $0.59 per diluted share a year ago. Cash provided by operations was $729 million compared to $416 million a year ago. Capital expenditures were $85 million compared to $133 million a year ago. Adjusted net income was $785 million $0.82 per diluted share compared to $661 million $0.67 per diluted share a year ago. Free cash flow was $935 million compared to $318 million a year ago. Total adjusted operating income was $1,440 million compared to $1,351 million a year ago. Adjusted Operating Income grew 7% due to increases at the Networks and Film and TV Entertainment segments, offset in part by declines at the Publishing segment. The company ended the quarter with $16.9 billion in net debt, which is pretty similar to where the company ended 2012. For the first quarter ended March 31, 2013, the company reported asset impairments of $27 million compared to $52 million a year ago.

Time Warner Inc. reaffirmed its 2013 full-year business outlook. The company continues to expect its 2013 full-year percentage growth rate in adjusted diluted net income per common share to be in the low double digits off a 2012 adjusted EPS base of $3.28.

Time Warner Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.2875 per share of Common Stock, payable in cash on June 15, 2013 to stockholders of record at the close of business on May 31, 2013.