A billion and a third, that is. Time Warner Inc. (TWX) reported a profit of $1.3 billion on revenues of $7.1 billion, leading chairman and CEO Jeff Bewkes to announce that “Time Warner is firmly on track to post solid results this year in spite of the tough economic environment.”

Revenue at Time Warner’s Publishing segment, which includes Time Inc’s 22 magazines and 25 web sites, declined 18 percent to $914 million, mainly because of declines in advertising and subscription revenues, but income fell 40 percent, so despite “better-than-expected” results at Turner Broadcasting & HBO (where revenues rose 5 percent and income grew 3 percent thanks to lower costs), the company will probably still be announcing layoffs at its magazines later today.

Revenues at AOL decreased 22 percent and income fell by half, so Bewkes is probably pretty happy that he’s about to get the online company off Time Warner’s books. And Tim Armstrong, meanwhile, has a big job on his hands…