International growth headlines Discovery Q4 revenue jump
Michelle Clancy | 14-02-2014
Discovery Communications turned in solid results for the fourth quarter, with net income of $289 million on revenues of $1.537 billion.
Profit was up $65 million compared to $224 million for the fourth quarter a year ago, while revenue spiked $337 million, or 28%, year-over-year. The results were led by a big 64% growth in the company's international networks.
In contrast, it saw just 5% growth at US networks.
"Discovery's strong 2013 results reflect the additional market share we are capturing around the globe as we further invest in our diverse content portfolio and capitalise on the growth opportunities available across the unmatched worldwide distribution platform we have developed," said David Zaslav, Discovery's president and CEO. "At the same time, the strength of our balance sheet enabled us to make several strategic investments that complement our existing businesses and further bolster the long-term growth profile of the company, while also providing us with the ability to return significant capital to shareholders."
Operating income increased 21% to $662 million, as international networks were up 47% and US networks were up 5%. Excluding newly acquired businesses and foreign currency fluctuations, total company revenues increased 10% and adjusted OIBDA increased 12%.
"As we move into 2014, we remain focused on maintaining the financial momentum we have generated consistently over the past several years while further investing in our brands and strategic growth initiatives so we can deliver additional shareholder value moving forward," said Zaslav.