Discovery Posts Earnings In Q4, Revenues Rise Y/Y

Discovery (DISCA - Free Report) reported fourth-quarter 2018 earnings of 38 cents per share compared with a loss of $1.99 in the year-ago quarter. Excluding the impact of amortization of acquisition-related intangible assets net of tax, adjusted earnings were 74 cents per share.

Moreover, adjusted earnings, excluding $62 million (or 8 cents per share) of after-tax restructuring and other charges, were 82 cents per share.

The Zacks Consensus Estimate for fourth-quarter earnings was pegged at 82 cents.

Revenues surged 50.7% year over year to $2.81 billion. Excluding the impact of foreign currency and the Scripps Networks Interactive, The Enthusiast Network and the Oprah Winfrey Network transactions (collectively called “Transactions”), and foreign currency fluctuations, revenues decreased 2%.

On a pro forma combined basis (if the “Transactions” had occurred on Jan 1, 2017), excluding the impact of foreign currency fluctuations, revenues declined 1% from the year-ago quarter.

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Top-Line Details

Distribution revenues (40.9% of revenues) increased 30.4% from the year-ago quarter to $1.15 billion. Advertising revenues (56%) surged 79.7% to $1.57 billion. Other revenues were $86 million compared with $107 million reported in the year-ago quarter.

On a pro forma combined basis (if the “Transactions” had occurred on Jan 1, 2017), excluding the impact of foreign currency fluctuations, Distribution and Advertising revenues increased 1% and 2%, respectively. Other revenues plunged 41% year over year.

U.S. Networks (61.3% of revenues) surged 93% from the year-ago quarter to $1.72 billion. Excluding the impact of “Transactions”, revenues inched up 1%.

On a pro forma combined basis, U.S. Networks' revenues grew 2%. Pro forma advertising revenues increased 3%, primarily driven by continued monetization of digital content offerings and an increase in pricing, partially offset by negative impact of audience declines on the company’s linear networks.

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