Discovery Returns to 1Q Profit, Revenue Up 17%
May 02 2019 - 8:00AM
Dow Jones News
By Patrick Costello
Discovery Inc. (DISCA) on Thursday said it swung to a profit in
the first quarter as it posted a double-digit increase in
revenue.
The Silver Spring, Md., media company earned a profit of $384
million, or 53 cents a share, compared with a loss of $8 million,
or 1 cent a share, for the same period last year. Analysts polled
by FactSet had expected earnings of 46 cents a share for the three
months ended March 31.
Excluding items, Discovery reported an adjusted profit of 87
cents a share for the quarter, compared with 16 cents last year and
analysts' forecasts of 79 cents.
Sales rose 17% to $2.71 billion from $2.31 billion.
"In the first quarter we delivered a solid start to 2019, as we
continue to power people's passions through our loved brands and
our owned global IP in genres that nourish audiences around the
world," Discovery Chief Executive David Zaslav said.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
May 02, 2019 07:45 ET (11:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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