Time Warner is reporting its first-quarter earnings before the market opens Wednesday.

Analysts are looking for profits and revenue to grow on the strength of advertising demand at networks like the Cartoon Network and TBS and better performance of the Warner Bros. movie studio.

Analysts and investors will also look for how Time Warner Inc. was able to recover from the NBA lockout, which delayed the opening of the season by almost two months until late December.

Despite games coming back to its TNT network, Bernstein analyst Todd Juenger says he suspects that advertisers feared a prolonged dispute and committed their dollars to other networks.

Time Warner's results offer a window into the health of the advertising market, and thus the strength of companies in the wider economy.