Earnings: Discovery Profits Rise, As Revenues, Ad Dollars Remain Flat

Shark Week, Discovery

Coincidentally, I’m sure, Discovery Communications (NSDQ: DISCA) earnings comes out right in the middle of the cable programmer’s heavily promoted “Shark Week” on its flagship channel. Considering how badly the other sharks have been faring this season, Discovery may not be “Jaws” but it’s no tuna either. While Q2 revenues slipped 0.5 percent to $881 million, Discovery posted profits of $183 million ($0.43 per share) up from $43 million ($0.16 per share), thanks to a $46 million tax gain related to its 50 percent sale of the Discovery Kids channel to Hasbro in April for $300 million.

Still, as an indication of how difficult Q2 was, advertising dollars at Discovery’s U.S. networks was up just 1 percent to $290 million in Q2.

2Q 2009 2Q 2008
EPS $0.43 $0.16
Net Income $183M $43M
Revenue $885M $881M

Earnings release | Webcast (8:30 AM EDT)

Comments have been disabled for this post