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Discovery Reports Higher Second-Quarter Earnings

Discovery reported an increase in second-quarter earnings, with its U.S. networks showing gains in advertising and distribution revenue.

Boosted by a one-time non-cash tax benefit, net income rose to $947 million, or $1.33 a share, from $216 million, or 30 cents, a year ago. Adjusted operating income before depreciation and amortization was up 5%, with U.S. networks show a 15% gain.

Revenue rose 1% to $2.885 billion. Revenue at Discovery’s U.S. networks were up 5% to $1.153 billion.

Domestic distribution revenue rose 5% to $688 million thanks to being added to YouTube TV's lineup. Advertising revenue was up 6% to $1.153 billion.

The company said it completed its upfront with volume and price increases across its portfolio.

"We delivered another quarter of strong operating and financial performance, with the benefits of the Scripps Networks acquisition flowing through all areas of our global business, while also accelerating our pivot to digital and direct-to-consumer offerings with IP that powers people's passions," said CEO David Zaslav. "With an exceptional team in place, strong top-line performance and a healthy balance sheet, we are confident in our ability to continue executing on our strategic priorities to drive long-term growth and shareholder value."