Discovery tops profit estimates in latest quarter
Discovery Inc. said Thursday it had net income of $117 million, or 16 cents a share, in the third quarter, down from $218 million, or 38 cents a share, in the year-earlier period. Excluding restructuring and other charges associated with integration of the recently acquired Scripps Networks, higher tax expenses and higher interest expense, the company had adjusted EPS of 79 cents, ahead of the FactSet consensus of 59 cents. Revenue rose to $2.592 billion from $1.651 billion, a touch below the FactSet consensus of $2.596 billion. The owner of the Discovery Channel, HGTV and the Oprah Winfrey Network, among others, said it will offer guidance on its earnings call, scheduled for 8.30 a.m. Eastern. Shares were down 2% in premarket trade, but have gained 47.8% in 2018 through Wednesday, while the S&P 500 has gained 5.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.