Discovery Beats Analysts' 2Q Earnings Estimates Due To Tax Break
August 06 2019 - 7:50AM
Dow Jones News
By Michael Tobin
Discovery Inc. (DISCA) posted second quarter results Tuesday
that beat analysts' earnings expectations as a result of a one-time
tax benefit.
The media company reported earnings of $1.33 a share, an
increase from 30 cents a share during the prior year period.
Analysts polled by FactSet estimated earnings of $1.22 a share. The
company attributed the increase to "higher operating results" and a
one-time tax benefit of $455 million as a result of internal
restructuring within its international networks segment.
On an adjusted basis, Discovery reported earnings of $1.61 a
share. Analysts were looking for adjusted earnings of 98 cents a
share.
The company reported $2.89 billion in revenue, up from $2.85
billion during last year's second quarter. Analysts' were looking
for revenue of $2.89 billion.
Write to Michael Tobin at michael.tobin@wsj.com
(END) Dow Jones Newswires
August 06, 2019 07:35 ET (11:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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