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SILVER SPRING, Md. (AP) _ Discovery Communications Inc. (DISCA) on Thursday reported fourth-quarter net income of $476 million.
The Silver Spring, Maryland-based company said it had profit of 67 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, were 98 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The operator of cable TV channels such as TLC and Animal Planet posted revenue of $2.87 billion in the period, meeting Street forecasts.
For the year, the company reported profit of $2.07 billion, or $2.88 per share. Revenue was reported as $11.14 billion.
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Discovery shares have decreased 19% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 3.5%. The stock has dropped nearly 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DISCA at https://www.zacks.com/ap/DISCA
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