Investor Alert

May 8, 2018, 7:22 a.m. EDT

Discovery adjusted profit, revenue beat estimates

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Oliver Griffin

Discovery Inc. (DISCA) on Tuesday said it swung to a loss in the first quarter, following the closure of its $11.9 billion acquisition of Scripps Networks Interactive Inc. in March.

The Silver Spring MD.-based media company reported a quarterly loss of $8 million, or 1 cent a share, compared with $215 million, or 37 cents, for the same period last year. Analysts expected a profit of $203 million, or 34 cents a share, according to FactSet.

Excluding items, Discovery Inc. reported an adjusted profit of 53 cents a share for the quarter, compared with 41 cents last year and analysts forecasts of 39 cents.

Sales rose to $2.31 billion, from $1.61 billion for the first quarter ended March 31, 2017. This compares with analysts forecasts of $2.24 billion according to FactSet.

President and Chief Executive David Zaslav said that following the acquisition of Scripps Networks Interactive, Discovery is uniquely positioned to maximise the value of its traditional pay-TV business while driving new growth and opportunities.

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.