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Time Warner delivered 11% rev growth, which marks the highest growth rate in 4 years, and a 27% rise in adjusted EPS. The company also upped its full-year adjusted EPS guidance. Yet TWX shares faltered a bit (-0.80%), with Collins Stewart‘s Thomas Eagan citing cable nets’ 4% dip in adjusted op income as the likely culprit. "Although we appreciate this concern, we view this as a slight over-reaction given the 7% cable network revenue growth and the strong, 18% overall AOI growth," said Eagan. The individual performances of TWX’s US nets repped a mixed bag. Ad rev slipped to mid-single digits for the ent channels owing, said CEO Jeff Bewkes, to the "somewhat disappointing" ratings and ad results for TNT and TBS. News ad rev rose high-single digits, and Bewkes heaped praise on CNN, Adult Swim and truTV. The group’s 4Q ad rev is projected to liken the recent results, but the outlook assumes the NBA won’t play any games this year. Even if that proves true, said CFO John Martin, the attendant drop in programming expenses would make any impact on adj op income immaterial. Scatter pricing is pacing approx 10% over the upfront, and Bewkes said 1Q cancellations have been "very limited." As US affil fee growth tallied 6%, Bewkes said HBO is "doing quite well with everyone," implying that Time Warner Cable‘s premium category struggles can’t be extrapolated to other ops. TWX’s TV Everywhere offerings are available in approx 70mln US homes (80mln is expected by Jan) and "user satisfaction is through the roof" regarding HBO Go, said Bewkes, noting nearly 5mln downloads of the app. He remains hopeful TWC and Cablevision will sign on for Go in the next few months,

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