Discovery Communications Inc. (DISCA) reported Thursday that its second-quarter net income available to the company was $379 million or $1.09 per share, 26 percent higher than last year's $300 million or $0.82 per share, primarily due to the strong operating performance.
Adjusted earnings per share, which excluded certain items, was $1.16 per share, compared to $0.91 per share in the same period a year ago.
On average, 24 analysts polled by Thomson Reuters expected earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues increased 10 percent to $1.61 billion from $1.47 billion last year. Analysts were looking for revenues of $1.60 billion.
Second-quarter revenues climbed as 23 percent growth at International Networks was partially offset by a 2 percent decline at U.S. Networks, primarily due to additional revenues from licensing agreements in the prior year.
Adjusted operating income before depreciation and amortization or OIBDA increased 6 percent to $694 million.
Looking ahead for fiscal 2014, Discovery expects total revenue between $6.45 billion and $6.525 billion, adjusted OIBDA between $2.6 billion and $2.65 billion, net income available to the company between $1.225 billion and $1.275 billion and adjusted net income between $1.34 billion and $1.4 billion.
The company previously expected full-year net income in a range of $1.2 billion to $1.3 billion, on projected revenues between $6.45 billion and $6.625 billion.
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