Discovery Swings to Q1 Profit

First-quarter net income at Discovery, Inc. was $384 million, compared with a loss of $8 million in the prior year’s quarter.

The improvement in net income was a result of higher operating results largely driven by the integration of Scripps Networks.

Q1 revenue of $2.7 billion was up 17 percent thanks to the addition of Scripps.

U.S. Networks’ revenues for the first quarter of 2019 increased 49 percent to $1.8 billion. Adjusted OIBDA was up 63 percent to $1.1 billion. U.S. ad revenues were up 63 percent, and distribution revenues up 36 percent.

International Networks’ revenues decreased 13 percent to $952 million. Ad revenues were up 2 percent and distribution revenues down 2 percent. International Networks’ adjusted OIBDA increased 60 percent to $219 million.

“In the first quarter we delivered a solid start to 2019, as we continue to power people’s passions through our loved brands and our owned global IP in genres that nourish audiences around the world,” said David Zaslav, president and CEO for Discovery. “We are a differentiated media company and have the right strategy, assets, brands, and management team necessary to drive additional shareholder value.”