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Earnings: Discovery Beats Q2 Estimates

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.

Also read: Time Warner Cable Q2 Earnings Rise, But Miss Estimates

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.

Also read: Earnings: New York Times Co. Profit Down 21% in Q2

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.

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