Adjusted earnings per share beat estimates
Discovery Communications on Thursday reported full-year revenue climbing 23 percent and fourth quarter revenue rising 28 percent.
The company's fourth quarter revenues climbed to $1.54 billion, up $337 million, in the fourth quarter ending Dec. 31. Net income rose to $289 million, or 81 cents per share, up from $224 million, or 61 cents per share, in the quarter a year earlier. But the company reported adjusted earnings per diluted share of 92 cents. Analysts had expected the company to book a profit of 89 cents per share.
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Full-year revenues increased to $5.54 billion, up $1.05 billion, led by 51 percent growth at International Networks
and 7 percent growth at U.S. Networks. The revenues were exactly in line with analysts’ expectations.
Full-year net income of $1.08 billion, or 2.97 per share, was up from $954, $2.51 per share, in 2012. The $2.97 was down from the $3.04 per share expected by analysts, but the company reported adjusted earnings per share of $3.25.
Discovery atttributed its gains to equity investments, partially offset by increased amortization tied to the purchase of SBS Nordic and higher tax and interest expenses. The company also said it is dealing with a mixed blessing: As its stock price goes up, liabilities and expenses increase.
“Discovery’ s strong 2013 results reflect the additional market share we are capturing around the globe as we further invest in our diverse content portfolio and capitalize on the growth opportunities available across the unmatched worldwide distribution platform we have developed,” said Discovery president and CEO David Zaslav.