Discovery Profits Jump in Q42/20/2012 12:01 AM Eastern
Discovery Communications reported
sharply higher earnings as advertising
revenues showed a double-digit
Net income was $336 million, or 86 cents
a share, up 75% from $191 million, or 45
cents a share, a year ago.
Revenues rose 11% to $1.1 billion.
CEO David Zaslav attributed the results
to the company’s ability “to take additional
share of a strong global advertising market,
build new brands and create additional
growth drivers across our portfolio.”
Discovery said that for 2012 it expects
total revenue to be between $4.45 billion
and $4.575 billion and adjusted operating
income to be between $2.05 billion and
$2.15 billion. The company’s outlook calls
for net income to be between $975 million
and $1.075 billion.
For the fourth quarter, Discovery’s U.S.
cable networks had adjusted operating income
of $388 million, up 12% from a year
ago. Revenues rose 11%.
Jon Lafayette is business editor of Broadcasting