Posts Tagged ‘Discovery’

Discovery Q3 Revenue Rises 11%, Net Income up 73%

Broadcaster Financial Results, Quarterly Results | Posted by Joe Zaller
Nov 02 2010

Discovery Communications reported that its revenue for the third quarter of 2010 was $926m, an 11% increase versus the third quarter a year ago, driven by 11% growth at U.S. Networks and 10% growth at International Networks.

Net income during the quarter from continuing operations grew 73% to $161m versus the third quarter a year ago, thanks to strong operating performance and $43 million of lower expense in the current year from the unrealized change in the fair value of mark-to-market share-based compensation.  Adjusted Operating Income Before Depreciation and Amortization (“OIBDA”) grew 14% to $418m, driven by a 12% increase at U.S. Networks and an 23% increase at International Networks.

Discovery president & CEO David Zaslav issued an upbeat statement, saying “Discovery continues to enjoy strong operational momentum across our businesses.  Our ability to execute, combined with a robust advertising environment, enabled us to deliver third quarter results that exceeded our expectations.  Most importantly, our revenue growth is translating into margin expansion and free cash flow growth as we remain focused on thoughtfully investing in our business and refining our cost structure.”

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You can read the full Discovery Q3 earnings press release here.

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