Stock up in early trading
Discovery Communications reported higher second quarter revenue and earnings, easily beating analysts expectations.
The owner of Discovery, TLC and OWN reported revenues of $1.61 billion, up 10 percent over $1.47 billion in the second quarter of 2013. Earnings rose to $379 million, or $1.09 per diluted share, up 26 percent compared to $300 million and $.82 per diluted share in the second quarter a year ago.
Analysts had expected the company to report profits of 92 cents a share.
As of 11:10 a.m. Thursday, the company’s stock was trading at $84.75 per share, up 1.25 percent.
The results reflect a $31 million gain associated with the sale of HowStuffWorks, a $29 million gain associated with the consolidation of Eurosport and a $15 million increase in equity earnings.