Discovery's international growth leads strong Q2 earnings

Dileep Kumar

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Second quarter 2014 net income came in at $379 million, which was an increase of $79 million, or 26%, compared to $300 million for the second quarter a year ago.

The current quarter results also reflect a $31 million gain associated with the sale of HowStuffWorks, a $29 million gain associated with the consolidation of Eurosport and a $15 million increase in equity earnings.

Broken out, the company saw strong 23% growth in its international networks, but that was partially offset by a 2% decline for its US networks.

The programmer said that was primarily due to additional revenues from licensing agreements in the prior year.

"The operating strength across Discovery's organic businesses, along with increased contributions from strategic acquisitions, led to sustained financial momentum during the second quarter," said David Zaslav, Discovery's president and CEO.

"Our persistent focus on building a broad and deep content portfolio to leverage the opportunities across our unique distribution platform is driving viewership and revenue growth worldwide as pay-tv continues to evolve.

Going forward, investing in compelling programming remains a priority as we integrate our recent acquisitions and build new avenues of growth so we can deliver additional long term value to our shareholders."

Adjusted operating income increased 6% to $694 million, as international networks were up 19% (US networks were down 1%).

Excluding the impact of the Eurosport transaction, foreign currency fluctuations and licensing agreements, total company revenues increased 9% and adjusted OIBDA increased 11%.

Discovery's international growth leads strong Q2 earnings | News | Rapid TV News
 
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