Discovery Communications reported lower first-quarter earnings on Tuesday that fell below Wall Street estimates.
The company reported first-quarter earnings of $215 million, down 18 percent from the year-ago period. Quarterly earnings per share fell 5 cents to 37 cents when including a charge for tax extinguishment. Adjusted earnings per share reached 41 cents, compared with 46 cents per share in the year-ago period. Wall Street had on average forecast earnings of 45 cents per share.
First-quarter revenue of $1.61 billion was up 3 percent from the year-ago period, but also fell below analysts' expectations. The company said revenue rose 5 percent at its international networks and 3 percent at its U.S. networks.
CEO David Zaslav said advertising revenue rose one percent in the first quarter, "primarily due to higher pricing and continued monetization of our Go platform."
Discovery Communications owns a number of cable networks, including Discovery, TLC, Investigation Discovery, OWN, Animal Planet, Science Channel, Destination America, American Heroes Channel, Discovery Life and Discovery Family.