Firm returns to profitability

Time Warner earned $638 million, or 14 cents a share, in the three months ending in December. The year-ago loss was equivalent to $10.04 per share. Excluding one-time items, adjusted earnings per share were 15 cents, even with the estimate of analysts surveyed by Thomson First Call.

Revenue rose 6 percent, more than some analysts had been expecting, to $10.9 billion from $10.25 billion a year earlier, led by gains in its movie unit and cable TV business.

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