Nov. 1 (Bloomberg) -- Discovery Communications Inc., the owner of cable television’s Animal Planet and TLC, topped analysts’ sales estimates for the third quarter and boosted its forecast for the year as distribution revenue increased.
Sales for the quarter climbed 18 percent to $1.1 billion, the Silver Spring, Maryland-based company said in a statement today. Analysts estimated revenue of $1.01 billion on average, according to a survey by Bloomberg.
The company also said it expects revenue for the year between $4.175 billion and $4.250, compared with a forecast in August of $4.075 billion and $4.175 billion.
“The strength of Discovery’s brands and the value of our content to consumers, distributors and advertisers alike were further demonstrated in our third quarter financial results,” Chief Executive Officer David Zaslav, 51, said in the statement.
Net income climbed 27 percent to 237 million, or 59 cents a share, compared with $186 million, or 43 cents. Analysts estimated a profit of 55 cents per share on average, according to a survey by Bloomberg.
Discovery, also part owner of Oprah Winfrey’s OWN television network, fell 2.7 percent to $42.27 at the close in New York. The stock is little changed this year.
Discovery tapped the bond market in June, selling $650 million of debt and taking advantage of investment-grade yields hovering at the time near the lowest since the last November.
--Editors: Peter Elstrom, Ville Heiskanen
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