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)

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