Silver Spring-based Discovery Communications (NASDAQ: DISCA, DISCB, DISCK), the largest media company in the D.C. area measured by market value, reported strong financial results for the third quarter ended September 30, 2011; driven by U.S. and International networks. The company also surpassed analyst financial estimates.
Revenues at Discovery totaled $1.095 Billion, a year-over-year increase of 18 percent versus $926 million in the third quarter of 2010. U.S. networks saw a 19 percent increase led by a 33 percent jump in distribution. International network also saw an equal increase of 19 percent but led by a 22 percent rise in advertising.
Net income rose to $238 million or $0.59 cents per diluted share and $0.60 cents per basic share, a 28 percent increase in the quarter compared to $186 million or $0.37 cents per diluted share in the same time last year.
Analysts predicted on average net income of $0.55 cents with a high estimate of $0.60 cents. Revenue had an average estimate of $1.01 billion with a high of $1.06 billion, both were topped by actual results.