Discovery Communications’ third-quarter financials were a tale of two territories: Stateside, the media company rose — but abroad, sales struggled. Overall, profit ticked down year over year, though it was essentially flat.
The David Zaslav-led corporation reported adjusted earnings per share of $0.47 — $0.43 before adjustments — on net income of $279 million and $1.56 billion in revenue. Wall Street had forecast earnings per share of $0.38 on $1.58 billion in revenue, per Yahoo Finance. Zacks thought EPS would come in a penny or two higher.
In the U.S., distribution rose 12 percent; Advertising ticked up 6 percent. Beyond domestic borders, advertising dropped 14 percent; currency effects didn’t help matters overseas.
Discovery Family was consolidated this quarter. Last month, the company’s Board of Directors approved a $2 billion increase to the existing stock repurchase program.
“Discovery’s unique portfolio of assets and global brands drove yet another quarter of strong worldwide viewership and financial results,” said President and CEO Zaslav. “Discovery is like no other media company, propelled by our unmatched global infrastructure, local leadership, efficient global content model and sturdy position in the U.S., and we are confident in our ability to drive near and long-term growth and shareholder value.”
DISCA stock closed Monday at $30.06 — up $0.62 per share or 2.11 percent.
Discovery executives will host a conference call at 8:30 a.m. ET to discuss the financial results.