Time Warner's net income almost tripled in the third quarter although adjusting for divestment income and one-off gains, the company reported a more modest 12 per cent rise in earnings.
In a separate statement today, Time Warner reiterated its full year guidance, saying it expects adjusted operating income growth in the low double digits.
Third quarter net earnings rose to 53 cents from 18 cents in the same period last year while adjusted income lifted to 19 cents from 17 cents last time.
Sales rose 7 per cent to $10.9 billion, led by growth at the company's Cable and Networks divisions, Time Warner said.
Despite a 3 per cent drop in revenue from the company's struggling AOL internet arm, the unit showed a 46 per cent improvement in advertising revenues as it makes the change from a subscription to advertising business.
AOL now offers its e-mail, certain software and other products free of charge to broadband users in the US.
The company said it expects to buyback at least $15 billion of shares in 2006, and to complete its $20 billion buyback programme in 2007.