said first-quarter net income was essentially flat despite a 22% increase in revenue as costs associated with assembling businesses overseas weighed on the company’s bottom line.
The Silver Spring, Md., owner of the
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, Discovery and Investigation Discovery cable outlets said first quarter net income came to $230 million, or 66 cents per share, compared with $231 million, or 63 cents a share in the year-earlier period.
Analysts had expected the company to post first quarter earnings of 71 cents per share.
Revenue rose 22% to $1.41 billion, compared with nearly %1.16 billion in the year-earlier quarter. In fact, revenue rose both at home and overseas, with revenue at the company’s U.S. networks increasing 4% to $319 million from $308 million, and revenue at the company’s international networks increasing 51% to $671 million from $444 million.
Discovery said its operating performance in the first quarter was “more than offset: by the cost of amortizing its recent purchase of SBS Nordic assets as well as comparisons with year-earlier results, when the company had a $92 million gain associated with the consolidation of properties in Japan.
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