Discovery Third-Quarter Earnings Rise
The cable network giant sees a huge jump in advertising for its international division.
Discovery Communications on Thursday reported a 24 percent jump in net income in the third quarter from a year earlier.
The cable networks company, led by CEO David Zaslav, posted $255 million in net income, up from $205 million in 2012. The increase came on the strength of rising revenue. In the third quarter, Discovery reported $1.375 billion of incoming revenue compared to $1.08 billion in the same quarter last year.
Discovery's rising fortunes in the international sector had the sharpest impact on third-quarter financials. Fueled by a 127 percent advertising growth in its international networks, the revenue for those networks rose 59 percent to $620 million. For comparison, U.S. networks' revenues only increased a modest 10 percent to $733 million.
The company expects to report about $1.1 billion in net revenue for the entire fiscal year.
Zaslav commented, "Discovery's strong third quarter results once again demonstrate the breadth and depth of our brands and the myriad of opportunities across our global distribution platform. We are translating the consistent viewership gains we are delivering globally into strong advertising growth both domestically and internationally, while at the same time further leveraging our unique distribution footprint by capitalizing on the pay television evolution in many of our markets worldwide.