Discovery: 3Q Earnings Snapshot
SILVER SPRING, Md. (AP) _ Discovery Communications Inc. (DISCA) on Thursday reported third-quarter profit of $300 million.
On a per-share basis, the Silver Spring, Maryland-based company said it had profit of 44 cents. Earnings, adjusted for amortization costs and restructuring costs, were 81 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The operator of cable TV channels such as TLC and Animal Planet posted revenue of $2.56 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.51 billion.
Discovery shares have decreased 37% since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 7%. The stock has dropped 26% in the last 12 months.