Discovery Communications has posted healthy third quarter results, with revenues increasing 18% year-on-year thanks in part to “the sustained health of the global ad market.”
The firm saw Q3 revenues of US$1.10 billion, up $169 million – or 18% – on the same quarter a year ago. The increase was led by 19% growth at the firm’s U.S. networks division and 19% growth at international networks.
Elsewhere, adjusted pre-tax operating income (OIBDA) grew 15% to $479 million, driven by a 9% increase at U.S. networks and a 20% increase at international networks; while net income from continuing operations increased to $238 million.
Free cash flow was $314 million for the quarter, a decrease of $32 million from the third quarter of 2010. Discovery repurchased 9.8 million shares at an average price of $36.30 per share, for an aggregate purchase price of $355 million.
David Zaslav, Discovery Communications’ president and CEO, said: “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.
“The appeal of our programming allowed us to continue to take advantage of the sustained health of the global ad market and further leverage existing and emerging distribution platforms worldwide.
“The breadth of our global distribution enables us to capitalize on the increasing penetration of traditional distribution models, while the diversity and appeal of our content allows us to strategically leverage evolving delivery methods.”