Discovery beats expected results

(AP) Discovery Communications Inc., of Silver Spring, on Thursday reported profit that increased by 26 percent in its second quarter and topped analysts’ expectations. The company said profit increased to $379 million, or $1.09 per share, from $300 million, or 82 cents per share, in the same quarter a year ago. Earnings, adjusted for amortization costs, were $1.16 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 93 cents. The operator of cable TV channels such as TLC and Animal Planet said revenue climbed 9.7 percent to $1.61 billion from $1.47 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.59 billion, according to Zacks. Discovery Communications shares have decreased $6.71, or 7.4 percent, to $83.71 since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6.6 percent. However, the stock has increased $3.99, or 5 percent, in the last 12 months.

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