Discovery Communications reported a 10% third-quarter rise in revenue despite lowering its financial outlook for the 2014 fiscal year.
The Discovery Channel, TLC and Animal Planet operator’s Q3 net income rose by 10% to US$280 million, or 41 cents per share, up from $255 million, or 35 cents per share, in the same period last year.
Revenues went up by 14% to $1.57 billion from $1.38 billion in last year’s third quarter, just short of analysts’ expectations of $1.59 billion, or 42 cents per share.
The company’s international expansion continued to drive growth, with revenue from international networks up 32% to $818 million. International distribution revenue was up 34% to $430 million and ad revenue rose by 20% to $337 million.
Meanwhile, the U.S. networks division posted a 1% decline to $724 million as distribution revenue dropped 3% to $318 million. The decline was offset by a 1% increase in ad revenue to $388 million.
Discovery has readjusted its total revenue for the year to come in between $6.3 billion and $6.35 billion, down from previous expectations of $6.45 billion to $6.525 billion.
“Discovery’s strong global organic growth and reach coupled with increasing contributions from our recent strategic acquisitions led to another quarter of solid results,” said president and CEO David Zaslav (pictured) in a statement. “Our expansive content portfolio drove audience gains and boosted our market share around the world as we continued to benefit from the ongoing development of the global pay-TV market.”
The company recently appointed Shine America CEO Rich Ross as the new president of Discovery Channel. He will take up the post in January.