Discovery 3Q Profit Flat As Revenue Dips

Discovery Communications said third-quarter profit was flat with year-earlier results as revenue slipped and the company grappled with a downturn in advertising and experienced currency fluctuations at its international operations.

The Silver Spring, Md., owner of cable outlets like Discovery Channel and TLC said net income in the third quarter came to $279 million, or 43 cents a share, compared with  $280 million, or 41 cents per share. Revenue fell 1% to $1.56 billion.

Results in the company’s U.S. operations were more robust than those from its international holdings. Revenue from U.S. networks rose 8% to $781 million, driven by  a 12% increase in revenue from distribution
and a 6% increase in advertising growth. Meanwhile, revenue from international networks fell 9% to $740 million, owing to what Discovery said were changes in foreign currency rates.

Discovery said it expected total revenue for the year to grow between 9% and 10%, excluding currency effects.

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