Media and entertainment company Discovery Communications, Inc. (DISCA, DISCB,DISCK) Tuesday said first-quarter net income attributable to the company climbed to $250 million from $230 million in the prior year. Earnings per share rose to $0.37 from $0.33.
According to the company, the strong operating performance in the current year and decrease in stock based compensation expense were partially offset by lower equity earnings, higher interest expense and higher restructuring charges.
Adjusted earnings per share totaled $0.42, while it was $0.38 last year. On average, 22 analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues grew 9 percent to $1.537 billion from $1.411 billion, led by 10 percent growth at International Networks and 6 percent growth at U.S. Networks. Analysts expected revenues of $1.54 billion.
For the full year ending December 31, Discovery expects total revenue excluding currency to grow in the high single to low double digit range, and adjusted earnings per share excluding currency to grow in the high single to low double digit range.
David Zaslav, President and CEO of Discovery Communications, said, "2015 is off to a great start, as our strategy of investing in and owning world-class content to leverage across our unparalleled global distribution platform continues to drive operating momentum and strong financial results."
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