The entertainment giant now says that it expects 2013 adjusted net earnings to increase “in the mid-teens” vs 2012, up from three months ago when it anticipated “low double digits” growth. And why not, after the stronger-than-expected results from Q2 out this morning? Time Warner reports net income of $771M, +86.7% vs the period last year, on revenues of $7.44B, +10.3%. The top line beats the $7.11B that analysts expected. Earnings came in at 83 cents a share, ahead of the 76 cents in the Street’s consensus forecast. (For those who keep track of these things, note that Time Warner changed the way it accounts for its investment in Central European Media Enterprises.) The Warner Bros-led Film and TV Entertainment unit benefited from releases including Man Of Steel, The Hangover Part III and The Great Gatsby. Adjusted operating income was up 34% to $184M on revenues of $2.9B, +13%. Overseas TV syndication sales and streaming deals also helped, although the business reports that film and advertising costs were up — as were “restructuring and severance expenses.” The main TV networks business led by Turner Broadcasting and HBO also were up with adjusted operating income of $1.3B (+13%) on revenues of $3.8B (+7%). Ad sales improved 11% helped by the NBA Playoffs on TNT and the 2013 NCAA Division I Men’s Basketball National Championship Tournament.  Revenue from subscription payments increased 4%. Meanwhile Time Inc’s magazine publishing operation — which Time Warner plans to spin off — continued to slip. With cost cutting, operating income increased 28% to $124M, but revenues fell 3% to $833M. The report attributes that to a 5% drop in ad revenues and 7% decline in subscription revenues. All in all “we had a very strong quarter and first half financially and operationally, putting us on track for another great year,” CEO Jeff Bewkes says. “Reflecting our confidence in our outlook and our commitment to stockholder returns, so far this year we’ve repurchased $1.8 billion of our stock and paid out over $500 million in dividends.”

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