Discovery beats 3Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

SILVER SPRING, Md. (AP) — Discovery Communications Inc. (DISCA) on Tuesday reported third-quarter net income of $280 million.

On a per-share basis, the Silver Spring, Maryland-based company said it had net income of 41 cents. Earnings, adjusted for amortization costs, were 46 cents per share.

Continue Reading Below

The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.

The operator of cable TV channels such as TLC and Animal Planet posted revenue of $1.57 billion in the period, falling short of Street forecasts. Analysts expected $1.59 billion, according to Zacks.

Discovery expects full-year revenue in the range of $6.3 billion to $6.35 billion.

Discovery shares have dropped 61 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9 percent. The stock has declined 59 percent in the last 12 months.

_____

This story was generated by Automated Insights using data from Zacks Investment Research. DISCA stock research report from Zacks.

_____

Keywords:Discovery,Earnings Report