The third quarter of 2019 was a particularly good one to own TLC — just ask Discovery (or its shareholders).
Wall Street forecast Discovery’s Q3 earnings per share would come in at 82 cents on revenue of $2.68 billion, according to a consensus compiled by Yahoo Finance. On Thursday, the company actually reported adjusted earnings of 87 cents per share on revenue of $2.678 billion.
That all-in revenue number represents a +3% growth from the comparable quarter last year. Advertising and distribution revenues both grew in the three-month period ended Sept. 30, 2019.
Chipping in was TLC, the No. 1 ad-supported cable network in primetime among women 25-54 and women 18-49, thanks in large part to the “90 Day Fiance” (pictured above) piece of its portfolio. TLC’s ratings grew +10% among women 18-49 and +16% among women 25-54.
Also helping out the bottom line was the company’s continued absorption of Scripps. Expenses related to that near-$15 billion deal are getting lower.
Third quarter net income was $262 million.
“Discovery once again delivered strong financial results across our portfolio, generating healthy revenue growth in the U.S. and internationally, and significant operational efficiencies from our ongoing transformation efforts,” President and CEO David Zaslav said in a prepared statement. “We also made progress in the buildout of our digital ecosystems that leverage our owned programming and brand strength. With a solid financial profile and strong balance sheet, we are able to invest meaningfully in our business and create additional value for shareholders.”
Discovery stock (DISCA) closed Wednesday at $27.69 per share.
Company executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.