Time Warner Inc. TWX, one of the leading media conglomerates, came out with first-quarter 2016 results, wherein adjusted earnings of $1.49 per share easily beat the Zacks Consensus Estimate of $1.29 and rose 25.2% year-over-year.Including one-time items, earning per share from continuing operations came in at $1.46 per share, up from $1.10 reported in the prior year quarter.Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 has been portraying a slight uptrend in the last 60 days. In the trailing four quarters, excluding the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 12.5%.Revenues: The company’s revenues increased 2.5% year over year to $7,308 million and surpassed the Zacks Consensus Estimate of $7,241 million, primarily due to growth at Turner and Home Box Office.Guidance: Management repeated its previous guidance. The company expects adjusted earnings per share for 2016 between $5.30 and $5.40.Key Events: Earlier, the company’s board of director announced $5 billion share repurchase program commencing Jan 1, 2016. This also includes the amount remaining under previous authorization. In the reported quarter, the company had repurchased 13 million of shares for nearly $946 million.Zacks Rank: Currently, Time Warner carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.Check back later for our full write up on Time Warner’s earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TIME WARNER INC (TWX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research