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By Patrick Costello
Discovery Inc. (DISCA) on Thursday said it swung to a profit in the first quarter as it posted a double-digit increase in revenue.
The Silver Spring, Md., media company earned a profit of $384 million, or 53 cents a share, compared with a loss of $8 million, or 1 cent a share, for the same period last year. Analysts polled by FactSet had expected earnings of 46 cents a share for the three months ended March 31.
Excluding items, Discovery reported an adjusted profit of 87 cents a share for the quarter, compared with 16 cents last year and analysts' forecasts of 79 cents.
Sales rose 17% to $2.71 billion from $2.31 billion.
"In the first quarter we delivered a solid start to 2019, as we continue to power people's passions through our loved brands and our owned global IP in genres that nourish audiences around the world," Discovery Chief Executive David Zaslav said.
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(END) Dow Jones Newswires
May 02, 2019 07:45 ET (11:45 GMT)
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